A series of provinces and cities are launching a review of unusually high real estate prices.

The People's Committee of Hoa Binh province has issued a document to strengthen the management and control of real estate price fluctuations in the province.

The official document states that in recent years, the development of the real estate market has not been truly sustainable and still harbors potential risks. The phenomenon of buying and selling to inflate prices shows signs of creating an artificial bubble in the market.

Furthermore, some project developers are raising capital, selling houses under construction, putting existing houses and buildings into business, and transferring land use rights in violation of regulations. Along with this, they are advertising and selling project products before completing all the required procedures, affecting the market and potentially leading to disputes and lawsuits.

The People's Committee of Hoa Binh province has directed local departments and agencies to work together to control real estate prices. (Illustrative image: Construction Newspaper).

Therefore, the Chairman of the People's Committee of Hoa Binh province requested the Department of Construction to review the real estate business activities of enterprises, investors, real estate exchanges, and real estate brokers in the province, especially in areas, projects, and apartment complexes where there is an unusual increase in prices.

The Department of Construction needs to understand the situation and the causes of price fluctuations for each type of real estate; and identify project developers who meet the requirements for capital mobilization according to regulations, in order to ensure market transparency and prevent fraud, deception, and scams in real estate business.

The People's Committees of districts and cities are tasked with inspecting and controlling the buying and selling of real estate through multiple transfers, especially land plots in areas with technical infrastructure where there is an unusual price increase causing market disruption and "artificial fever".

At the same time, these agencies are tasked with inspecting, checking, and taking measures to rectify acts of price manipulation, speculation, and handling violations of land laws and related laws within their jurisdiction.

The Chairman of the People's Committee of Thua Thien Hue province also issued a directive to strengthen the management and control of real estate price fluctuations in the province.

The provincial police force has been tasked with coordinating with relevant agencies to inspect and monitor real estate transactions, ensuring compliance with the law. They are also responsible for detecting and strictly punishing acts of price manipulation and real estate speculation, contributing to the stability of the real estate market.

The Chairman of the Provincial People's Committee has instructed the Department of Construction to coordinate with relevant units to inspect and review the real estate business activities of enterprises, investors, real estate exchanges, and real estate brokers in the province.

At the same time, this Department organizes inspections and checks, takes measures to correct acts of price manipulation, speculation, and handles violations of land law, real estate business law, and related laws (if any) within its authority.

The People's Committee of Binh Phuoc province has issued a document requesting agencies, units, and localities to strengthen the management and control of real estate price fluctuations.

According to the official document, the People's Committee of Binh Phuoc province has assigned the Department of Construction and related units to inspect and review the real estate business activities of enterprises, investors, real estate exchanges, and real estate brokers in the province.

At the same time, the Provincial People's Committee requested control over the buying and selling of real estate through multiple transfers, especially in areas and projects with unusual price increases; inspection and investigation; and corrective measures to address price manipulation, speculation, and violations of land law, real estate business law, and related laws (if any) within its jurisdiction.

The Provincial Police, the Provincial Inspectorate, and relevant departments and localities shall review or direct functional agencies and units to review the organization of land use right auctions in the area to ensure compliance with the law; promptly detect and strictly handle cases of violations of legal regulations in land use right auctions, and prevent acts of exploiting land use right auctions for personal gain and market disruption.

Previously, a number of localities such as Hanoi, Thanh Hoa, Nghe An, Ha Nam, etc., also requested a review of land auction activities and unusual price increases in the real estate market.

PHAM DUY

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