Comprehensive amendment of the Real Estate Business Law is an urgent requirement

The Ministry of Justice has just announced the Appraisal Dossier for the draft policy dossier of the Law on Real Estate Business (amended).

In which, the drafting agency, the Ministry of Construction, has a Report summarizing the implementation of the 2023 Real Estate Business Law.

The Ministry of Construction pointed out that the real estate market in some development stages is not really stable, the product structure is not reasonable, and there is still a situation of surplus high-end segments while there is a shortage of housing supply suitable for people's needs.

Real estate prices in many large cities are still high compared to people's incomes.

In addition, speculation, "land fever", and price manipulation still occur in some localities.

The real estate market regulation mechanism is not really clear, and the coordination between state management agencies in market regulation is still limited.

The construction of information systems and databases on housing and the real estate market in the past was still limited, data was incomplete, and it was not synchronously connected between ministries, sectors and localities.

Some state management contents on real estate business have not clearly defined responsibilities between state management agencies at the central and local levels, leading to ineffective implementation in some cases.

It can be affirmed that the comprehensive review and amendment of the Real Estate Business Law in the current period is not only an urgent requirement but also an important condition to meet new development requirements, ensure the real estate market operates transparently, efficiently, safely and sustainably in the context of national digital transformation, and at the same time contribute to perfecting institutions, improving the effectiveness and efficiency of state management, promoting administrative procedure reform, strengthening reasonable decentralization and delegation of power and creating a favorable and stable investment and business environment for market participants" - the report of the Ministry of Construction clearly stated.

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