HCMC – The Ministry of Construction has issued a call to local authorities, urging them to take swift measures to stabilize the real estate market, which has been roiled by price manipulation and speculative activities.
Despite local governments’ adherence to regulations governing real estate, land, and housing—contributing positively to economic growth—the ministry has raised alarms over abnormal price hikes in certain areas.
In the second quarter, the market saw a modest uptick in the supply of commercial housing compared to the previous quarter. However, sales of apartments and houses declined, while demand for land plots surged, driving up prices.
Authorities have highlighted the risk posed by speculation and inflated land auction bids, which are destabilizing the market and threatening economic stability.
The Ministry of Construction has called for closer scrutiny of real estate trading activities in areas exhibiting unusual price movements. Local governments have been directed to more rigorously oversee land-use rights auctions and ensure a balance between supply and demand in the market.
The ministry emphasized the need to curb speculation and price inflation by managing the division and sale of land in residential development projects.
Enhancing transparency in real estate information, planning, and approved projects is also a priority to prevent fraud and market manipulation, according to the ministry.
