Business

State-run real estate trading centre to be developed

The centre will be directly overseen by State agencies and tasked with verifying the validity of real estate projects, connecting public data sources and streamlining property transactions to ensure the market transparency.

A State-run real estate trading centre is being developed to boost the market transparency. (Photo: VNA)
A State-run real estate trading centre is being developed to boost the market transparency. (Photo: VNA)

Hanoi (VNS/VNA) - The Ministry of Construction is working with the Vietnam Association of Realtors (VARS) to develop a pilot scheme for a State-run real estate trading centre in a bid to boost market transparency.

Tong Thi Hong Hanh, Director of the Housing and Real Estate Market Management Department, said this is part of broader efforts to professionalise the real estate brokerage industry.

The centre will be directly overseen by State agencies and tasked with verifying the validity of real estate projects, connecting public data sources and streamlining property transactions to ensure the market transparency. Software development is underway with pilot implementation expected later this year.

Surging housing prices, especially in major cities like Hanoi and Ho Chi Minh City, has urged calls for action to improve the market transparency as speculation is still identified as a cause for rising prices beside higher costs and legal bottlenecks./.

VNA
#Ministry of Construction #Vietnam Association of Realtors #State-run real estate trading centre #market transparency
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