Vietnam Real Estate News

Real Estate Trading Floors Facing Tougher Guidelines   2009-10-09 - VietNamNet

The Ministry of Construction is considering setting tougher guidelines for real estate trading floors in order to improve sub standard service.

According to the House and Real Estate Market Management Department under the Ministry of Construction (MOC), there are now 226 operational real estate trading floors nationwide. These include 123 floors in HCM City and 82 in Hanoi.

Other trading floors are located in Binh Duong in the south (9), Da Nang (6), Kien Giang (2), Dong Thap (2), Quang Nam and Lang Son (1). However, only 15-30 percent of total real estate transactions have been going through trading floors as stipulated they must in current regulations.

According to Do Thi Hoa, deputy head of the House and Real Estate Market Management Department, the fact that it is comparatively easy to set up these floors has led to their growth.

However, many still cannot provide high quality services, which has also been cited as a reason behind the low number of transactions via the floors.

Hoa said that MOC is considering amending regulations to make them better fit the work of real estate transactions.  She added that the ministry is planning to inspect real estate trading floor operation and setting higher requirements.

Meanwhile, real estate trading floors complain they are having to operate in very difficult conditions.

Therefore, trading floors have been trying to cooperate to develop their business. Three real estate floors in Dong Nai province, including Tin Nghia, Donaland and Sonadezo have signed cooperation agreements on real estate project development, market information database development and human resource development.

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