News
Opposition parties slam "U-turn" on house flipping
Courtesy of ICRT
Opposition lawmakers are slamming the Ministry of the Interior (MOI) after it reversed one of several new rules aimed at deterring speculation in the country's housing market.
The rules were approved by the legislature earlier this month. The reversal involves a rule which prohibits people from reselling or transferring purchase agreements for pre-sold or newly constructed houses unless the transaction is carried out under special circumstances which have to be clearly defined.
However, the MOI is now saying that regulation will not be applied to those who held purchase agreements before the new rule took effect, giving speculators a chance to unload the properties.
But the rule will still apply to anybody who obtained a purchase agreement after it took effect.
Opposition lawmakers are accusing the government of "twisting" and "revising its interpretation" of the rule due to pressure from construction companies and speculators.
The interior ministry is also being accused of knowingly "opening a back door" for house flippers and speculators.
