Today: 17 Jun 2004
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  Policy & Strategy

Legal framework for property market on pipeline

The Government is studying a plan to improve the management of the real estate market, submitted by the Ministry of Construction, which recognises the need to create a more transparent legal environment for the market's operations.

The real estate market has in the past been flawed, thus limiting the profits generated from the sale of land. Illegal land use and construction are rampant, particularly in major cities' suburbs or areas designated for urban construction.

Causes vary, but most importantly, laws are neither comprehensive nor uniform, with many adopted only as temporary measures to cope with newly-arising problems.

The current legal framework for activities related to real estate is incapable of meeting the actual requirements of the property market.

The real estate market itself has not developed fully in structure. At the same time, the management mechanism lacks efficiency, with many local authorities unaware of their role. There is no single agency responsible for the market.

Additionally, the delay in issuing land use right certificates has led to a shortage of legal commodities on the property market.

The Ministry of Construction's plan calls for refining sub-law documents guiding the implementation of the revised Land Law, which will take effect on July 1, in order to create a uniform legal framework for the real estate market.

More attention will be paid to land use planning, and the issuance of certificates of land use rights and house ownership will be accelerated.

Measures will be taken to improve the structure of the real estate market, including the introduction of public auction and bidding for land.

However, experts say there should be a detailed timetable for the implementation of the plan, and administrative reform in this field should be combined closely with measures to develop the real estate market and stabilise prices.

VNS - (17/05/2004)

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