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Lack of transparency hits property floors

In Uncategorized on January 12, 2011 at 7:03 am

Lack of transparency hits property floors

QĐND – Tuesday, January 11, 2011, 21:36 (GMT+7)

Recent Ministry of Construction statistics show that only 15 percent of real estate transactions take place on transaction floors.

This means that the development of the floors has not yet met the expectation of a real estate market seeking transparency.

According to the ministry, the market is plagued by poor transparency, while land and home buyers are keen to have clear information about the house or land they want to buy.

To improve the situation, the establishment of a trading floor system under the strict control of authorised agencies has been proposed.

According to the Department of Housing Administration and Real Estate under the Ministry of Construction, the country has a total of 600 real estate transaction floors.

Despite this, the number of transactions remains very low.

Total real estate sales nation-wide through these floors totalled 3,679, – 327 in Hanoi and 3,352 in HCM City.

Many investors have sought to avoid trading through transaction floors by exploiting legal loopholes. As a result the number of deals made through the transaction floors remains low.

Director of Housing Administration and Real Estate Nguyen Manh Ha said the department requested the floors to report their performance from the beginning of 2010, but only 20 percent have so far complied.

Deputy Minister of Construction Nguyen Tran Nam acknowledged that agencies have not fined violators. He also admitted that administrative procedures to set up real estate floors are too simple.

Nam said that in the current context, authorised agencies need to gradually improve the quality service provided by trading floors so as to eliminate those that are in efficient.

Source: VNA

Source: QDND

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