Vietnam to set up real estate database hinh anh 1Illustrative photo. (Source: VNA)

Hanoi (VNA) - A national database of the real estate market will be developed in an effort to provide basic market indicators with greater accuracy and improve the market transparency.

This was the highlight of a recently issued government decree about the development, management and use of the housing and real estate market information system, which also includes information and technology infrastructure and management software.

The database will be developed on a nationwide scale and will provide consistent and convenient market information about the realty market for state management and socio-economic development.

The decree says provision of distorted information could attract administrative fines or even criminal proceedings in line with established law.

The decree is expected to help promote accuracy and transparency of market information.

However, experts said it would take time and require great effort to develop a transparent information system of the realty market, as there were huge differences in the data of and among research agencies and state management agencies.

In Vietnam, real estate statistics are still unreliable, especially regarding the number of transactions. An expert said only developers knew about the exact number of successful transactions and that many figures were unreliable.

Deputy President of the HCM City Real Estate Association Le Huu Nghia said it was difficult to verify the reliability of data.

In addition, people seeking to buy homes are flooded with real estate information from different sources, while many figures conflict each other.

The national real estate market database is expected to resolve these issues.-VNA