The Ministry of Construction has announced a pilot plan for the application of a real estate market index (REMI) to regulate the domestic realty market by the end of this year.
The ministry said that the index will show official fluctuations of the real estate market, by updating market information, including prices, investors, products, trading times and trading volumes.
The ministry added that the index will be initially applied to leased apartments, offices and hotels in Ho Chi Minh City starting in the fourth quarter of this year and later upgraded and made debut nation-wide.
Pham Sy Liem, vice chairman of the Vietnam Construction Association, said the index will be built for each product in the market, each locality nation-wide, adding that the ministry will also build a general index suitable for the characteristics of the domestic property market.
Tran Minh Hoang, chairman of Vinaland Invest Corp’s management board, said the index will provide customers and investors with information on the market for reference when checking changing property values to prevent real estate purchase at elevated prices. Therefore, the property market will become more transparent.
Earlier, several realty firms such as Vinaland, Metvuong, VietRees and CBRE have built their own indexes.
Separately, the Ministry of Construction has allowed foreign real estate brokers with valid licenses granted by foreign agencies practice in Vietnam.
The ministry will issue specific regulations on granting real estate brokerage and appraisal certificates to foreign individuals in the near future.
Vietnam had reported pledged US$21.4 billion of foreign direct investment into real estate sector between January and July this year, accounting for 48 per cent of the country’s total newly-registered capital, said the Ministry of Planning and Investment. (Youth, VNS)
Vietnamese
