>> 35% of luxury homes in Hanoi left empty
>> PM cleans house on neglected villas
The Ministry of Finance is querying other agencies about the possibility of imposing new taxes on vacant homes.
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| Nearly 700 luxury homes in Hanoi remain empty |
In the future, if homes are left abandoned for more three months, they could be subject to a tax of 5% of property’s total value. If left unused for more than a year, that fee would increase to 10%.
The ministry is also considering imposing ‘administrative fines’ of between VND10 and VND20 million (USD483,09 and USD966,183) on the owner of each house.
Another option on the table is a yearly penalty of 0.15% of the contract value.
The policy changes under consideration would be aimed at minimising land waste in a real estate market where land is in high demand.
According to the Ministry Construction’s Deputy Head of the Housing and Real Estate Management Department, nearly 700 luxury homes in Hanoi remain empty.
An Sinh apartment block in My Dinh 2 urban area, Tu Liem District, is a typical example, with large homes that have been left abandoned for as much as five years. Others, including Co Nhue, Van Quan and Phap Van-Tu Hiep urban areas, are in the same state.
