Proposal to build national data on land prices

Survey ofReal Estate Brokers Associationshows that land prices in many localities have recorded a virtual fever since after the 2021 Lunar New Year. On average, land prices increased by 10% a month, in some places they increased 2-3 times in a short time.

Mr. Nguyen Manh Ha - Chairman of the Vietnam Real Estate Brokers Association said that the virtual real estate fever is largely due to information disturbance. When there is information about urban planning, infrastructure... immediately speculators take advantage to spread information and inflate prices. The necessary measure is to build a national database on land. Based on this data, the State controls and regulates.real estate market, bring back to the real value.

A plot of land facing the Tan Loi - An Khuong inter-commune road, Hon Quan district, was put up for sale during the fever at the end of February 2021. Photo:Phuoc Tuan

Real estate experts say that instead of worrying about land prices, management agencies need tools and legal corridors to "manage" this resource according to market demands.

From this reality, the Prime Minister assigned the Ministry of Natural Resources and Environment, the Ministry of Construction and relevant agencies to research and handle the construction of a national database on land.

Previously, to prevent a real estate bubble, the two Ministries of Natural Resources & Environment and Construction requested provinces and cities to review planning, land allocation and leasing, publicize planning information, progress of infrastructure and real estate projects, etc. Local authorities also tightened land transfer transactions to prevent the risk of land fever and real estate bubble.