There will be a real estate market information portal to help make the market transparent.

On the afternoon of October 19, the Ministry of Construction held a regular press conference for the third quarter. Speaking to the press, Deputy Minister of Construction Nguyen Van Sinh said that recently, many organizations and individuals have provided forecasts about the real estate market.

Most real estate market forecasts are only within a certain scope and perspective, so the information is very different. However, according to the Real Estate Business Law, acts of providing false information about the real estate market are prohibited.

Bộ Xây dựng nói sẽ có cổng thông tin về thị trường bất động sản - Ảnh 1. — Overview of the press conference

For example, recently there was information causing disturbance in the real estate market in Hanoi , Ho Chi Minh City... that there were many townhouse projects with prices up to 300 million VND/ ^m2 , the Ministry of Construction requested the locality to verify immediately.

According to Mr. Sinh, the Ministry of Construction is responsible for publishing real estate market information according to the provisions of the Law on Real Estate Business. The source of information is taken from the synthesis of reports sent by localities.

In the coming time, after the revised Law on Real Estate Business is approved, it is expected that there will be a real estate market information portal. Accordingly, all daily transaction information, selling prices, transaction quantity, etc. will be continuously updated accurately and transparently.

Responding further, Mr. Hoang Hai, Director of the Department of Housing and Real Estate Market Management (Ministry of Construction), said that market information was compiled from 58 provinces and cities. In addition, real estate market information was also consulted from organizations and associations... Mr. Hai also admitted that the time to announce real estate market information of the Ministry of Construction was much slower than that of many other organizations and individuals.

Bộ Xây dựng nói sẽ có cổng thông tin về thị trường bất động sản - Ảnh 2. — According to the Ministry of Construction, apartment prices remain high because new supply has not met people's needs.

Regarding the real estate market in the third quarter, Mr. Hai said that supply has increased. Compared to the second quarter, the number of completed commercial housing projects in the third quarter increased by 300%; the number of infrastructure investment projects to transfer land use rights for housing construction increased by 144%; the number of newly licensed commercial housing projects in the third quarter was equivalent to the second quarter with about 15 projects.

Regarding liquidity, in the third quarter, there were nearly 30,000 successful transactions in the apartment and individual house segments; land plots had more than 91,000 successful transactions (equal to nearly 136% compared to the second quarter).

According to Mr. Hai, apartment prices in the third quarter were least affected by the negative impacts of the recent market slowdown due to high real demand. Interest in apartments has recovered with demand for buying increasing by more than 1% and rental increasing by more than 6% compared to the second quarter.

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