A view of Ha Noi. Lack of information on real estate supply was blamed for land fevers and price manipulation practices. – VNA Photo Official sources said a pilot programme is underway to collect data from six chosen cities across the country, namely Ha Noi, HCM City, Da Nang, Hai Phong, Khanh Hoa and Can Tho. While the number may be few, the cities account for 80-90 per cent of the country’s total real estate transactions. The channel was created to address one of the glaring shortcomings of the real estate market to date – the lack of reliable and accurate information on real estate supply. While there are existing regulations that require real estate developers to file reports to the ministry and the association, they are rarely enforced, said Nguyen Tran Nam, VNREA’s President. The lack of reliable and accurate information on market supply made it very difficult for the Government, businesses, investors and real estate buyers to efficiently make long-term strategic decisions. It also made the market vulnerable to land fevers and price manipulation practices. There have been incidents in which shady investors and brokers took advantage of the lack of information to deliberately inflate land prices, said… Read full this story
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