Housing, Real Estate Business laws may arrive soon

The Ministry of Justice has announced a review of the draft National Assembly resolution allowing the 2023 Housing Law and the 2023 Real Estate Business Law to take effect from July 1.

The National Assembly passed the Real Estate Business Law and the Housing Law during its sitting in November last year, and both laws were originally scheduled to come into force on January 1, 2025 to coincide with the effective date of the amended Land Law.

The Government wants the amended Land Law, which was passed by the National Assembly in January this year, to take effect from July 1.

According to the draft resolution just announced by the Ministry of Justice, the Government has proposed allowing the Housing Law and the Real Estate Business Law to take effect ahead of the originally scheduled date. The Housing Law contains several groundbreaking provisions contributing to the goal of refining institutional frameworks and policies, enhancing management efficiency, and promoting housing development. Meanwhile, the Real Estate Business Law has numerous innovative provisions to enhance decentralization and administrative reforms, ensuring consistent management from the central to local levels, and establishing tools for managing the real estate market.