The Ministry of Construction requires inspection and review of the continuous buying and selling of real estate with price inflation factors.

The Ministry of Construction requires inspection and review of the continuous buying and selling of real estate with price inflation factors.

The Ministry of Construction requested the People's Committees of provinces and cities to control the repeated buying and selling of houses/land, and at the same time inspect and check the acts of price inflation, price manipulation, and real estate speculation.

In a document sent to localities, the Ministry of Construction stated that the real estate market has recently developed on an unsustainable trajectory and contains many potential risks.

In addition, the situation of organizations, individuals and businesses violating the law is happening in some localities. Notably, some investors and real estate brokers are spreading rumors, buying and selling real estate, causing information confusion, in order to push up real estate prices for profit.

“This situation occurs especially in Hanoi. The prices of apartments in some projects and individual houses in some areas such as Tay Ho, Hai Ba Trung, Ba Dinh, Hoai Duc… have increased abnormally compared to the market situation and people's needs,” the Ministry of Construction stated.

The Ministry’s document also mentioned the land auctions that caused a stir in public opinion in the suburbs of Hanoi. According to the agency, the record high winning prices, many times higher than the starting prices, have affected the socio-economic development and the healthy development of the real estate market.

To prevent the above situation, the Ministry of Construction has requested the People's Committees of provinces and centrally-run cities to focus on implementing many tasks, including inspecting and reviewing real estate business activities of enterprises, investors, trading floors and brokers in the locality.

In addition, the authorities need to control the buying and selling of real estate that changes hands many times, especially in areas, projects, and apartment buildings with unusual price increases; inspect, check, and take measures to correct acts of price inflation, price manipulation, speculation, and handle violations of land laws, real estate business laws, and related laws (if any) according to their authority.

Previously, in the market report for the second quarter of 2024, the Ministry of Construction said that the supply of commercial housing increased slightly compared to the previous quarter. However, the number of transactions of apartments and individual houses tended to decrease compared to the first quarter of 2024. On the contrary, the number of land transactions increased. However, real estate transaction prices in general still tended to increase compared to the previous quarter.

Source: https://baodautu.vn/batdongsan/bo-xay-dung-yeu-cau-kiem-tra-ra-soat-viec-lien-tuc-mua-di-ban-lai-bat-dong-san-co-yeu-to-thoi-gia-d224734.html