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Individuals can only sell, lease a maximum of 5 housing units a year

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The recommendation is meant to clarify a recent amendment to the Real Estate Business Law that says individuals who engage in small-scale real estate activities do not need to establish a business but are required to pay taxes, the ministry said.

It suggested defining individuals who engage in small-scale real estate activities as people who sell or lease up to five houses or apartment and up to 10 if they are under construction.

It also proposed two alternative explanations for the description.

The first is to identify them as people who sell or lease properties with an area of 1,000-2,000 square meters in urban areas or 3,000-5,000 square meters in rural areas.

The other is as people who build a townhouse with two or more floors or an apartment building with more than 20 units.

The ministry is seeking opinions from the public about the proposals until Apr. 27.

A previous resolution by the government did list some cases where setting up a business is not needed for small-scale real estate activities, but did not provide specific criteria for the term.

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