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Tax on second home to reduce attractiveness of real estate market

According to VNREA’s report, there are many property investors who buy second home. If applying second-home tax in upcoming time, it might reduce the attraction power of the real estate market, affecting trading volume of properties. Regarding of the policy, Nguyen Hoai An, Director of Research and Consulting at CBRE Hanoi, said that the application of the policy in real estate market has been applied by many cities and nations, aiding supply-demand control for healthy and sustainable market development. In short-term, the application will affect demand and sales rate of projects that must pay second-home tax.