The problem reflected the imbalance between supply and demand that was driving up house prices, and a tax system which encouraged property speculation, he said.
Soaring prices have been blamed on property speculation fanned by the favourable tax treatment of rental property and the lack of restrictions on foreign buyers.
From thicame a wave of property speculation, numerous nineteenth century building were demolished in the following years, their long established tenants driven out by rough methods.
One of the more significant reasons why the government imposes this tax is to curb property speculation, and in turn to avoid property bubbles forming.
