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March 7, 2021

5 pc VAT, First House program encourage the building of poor quality homes

Real estate investors think that the Government should allot more time to drafting pieces of legislation so these will no longer be open to interpretation, claiming, on the other hand, that measures like the 5 per cent VAT and the First Home program encourage the building of poor quality homes, Shimon Galon, the CEO of GTC (Globe Trade Centre), stated, in a specialized seminar, quoted by Mediafax. The latter compared the real estate sector to “an engine”, which, when running, pulls several carriages along, so that the Government should allow this industry to expand. On the other hand, Corneliu Popa, head of real estate in the Norr law firm, argued that the Government’s concern with legislation was praise-worthy, but that, in several cases, some laws overlapped or, in their final form, no longer corresponded to the purpose they had been created for.

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