Accordingly, in order to continue effectively implementing Resolution 33 dated March 11, 2023, and at the same time helping the real estate market operate openly and transparently, Prime Minister Pham Minh Chinh has directed the Ministry of Construction to preside over and coordinate with the Ministry of Natural Resources and Environment and relevant agencies to study the establishment of a real estate trading floor. The Prime Minister also directed Deputy Prime Minister Tran Hong Ha to directly direct the Ministry of Construction to perform the above tasks.
According to the provisions of the Law on Real Estate Business and guiding documents, to apply for a real estate trading floor license, organizations and individuals establishing a real estate trading floor must establish a business. In addition, the real estate trading floor must have at least 2 people with real estate brokerage practice certificates, and the manager and operator of the real estate trading floor must have a real estate brokerage practice certificate.
The exchange was established and operated professionally to ensure market transparency.
In addition, the real estate trading floor must have operating regulations, a name, and a stable transaction address for over 12 months, must have a minimum area of 50m2, and technical equipment that meets operational requirements. The real estate trading floor is an independent enterprise or a unit under an enterprise. Currently, real estate transactions are not required to go through a real estate trading floor.
The trading floor model was stipulated in the 2006 Law on Real Estate Business. This model helps the State grasp price fluctuations and information of the real estate market. At the same time, it supports business investors to grasp customer tastes, on that basis, adjust business strategies for efficiency.
For land owners, real estate trading floors also ensure transparency and openness of the market and limit negative issues. However, the operation of the trading floor has not been as expected due to lack of professionalism, leading to many disguised activities affecting the market.
Previously, the regulation "real estate transactions must be conducted through the floor" in the draft revised Law on Real Estate Business received special attention from many National Assembly Deputies, who commented at the meeting last June. This regulation also recorded many conflicting opinions due to the remaining issues related to real estate brokerage activities. Some opinions said that it is necessary to clarify whether the real estate trading floor here includes direct trading floors or online trading floors on electronic means.
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