In the new normal period, the real estate market has seen a significant recovery, thanks to transaction volume increases. (Photo: baodantoc.vn) DeputyMinister of Construction Nguyen Van Sinh said that, due to the pandemic andlong periods of social distancing, many economic fields have been affected,including the real estate market.
In the newnormal situation, the real estate market has recovered significantly with atrend of increasing transaction volume and real estate prices. However, thedevelopment of the real estate market is not sustainable and the market stillfaces risks.
Manyorganisations, individuals and businesses have violated regulations relating tothe property market, according to the ministry. Data on the real estate marketis incomplete and lacks transparency. Some enterprises are conducting realestate business, though they do have legally have the license to do so.
In somelocalities, there have been illegal real estate transactions, including the saleof plots on agricultural or non-agricultural land. This has affected thesocio-economic development of the real estate market.
There are somecases of land auctions with the winning prices being many times higher than theoffering price, causing negative impacts on the housing and real estate market,the ministry said.
Therefore, MoChas proposed the people's committees of the provinces and centrally-run citiesfocus on reviewing and inspecting land auctions.
Localitiesalso need to review their real estate markets and the potential risk of"bubbles" or other unusual developments. They must forecast thefuture of the real estate market and implement tasks and solutions to promotestable and healthy developments of the real estate market.
The localitiesshould also strengthen management, supervision and inspection of the propertymarket to prevent rumours from spreading, according to the ministry.
It isimperative that they strictly handle violations in real estate brokerage andtrading activities, real estate projects and land-use rights. They mustespecially promote control of real estate projects that do not meet legalprocedures and strictly handle projects that have offered products on themarket.
The ministryhas also requested localities publicise information on the planning andbuilding progress of infrastructure development projects and real estateprojects, as well as the merger and establishment of local administrativeoffices.
They mustmonitor the property market development and have measures ready to stabilisethe market, preventing real estate prices from rising too high and the risk ofa property bubble./.
VNA
