Land price has reduced fever in HCMC outskirts after city leaders required police agency to investigate land price fever and tackle brokers for spreading false rumors to rocket the prices and make profit.
HCMC recorded 12,088 domestic firms established with the total registered capital of VND132,600 billion (US$5.83 billion), in which real estate firms’ funds was highest accounting for 38 percent of total in the first four months this year.
The real estate market saw transaction reduction in both Hanoi and HCMC during the first quarter this year and price increase of 7-10 percent over the same period last year, reported Vietnam Real Estate Association yesterday.
The State Bank of Vietnam (SBV) has tightened credit flow into the real estate sector which has been in an uptrend since early this year while HCMC Real Estate Association has warned of a virtual fever in property prices in some districts.
Chairman of the HCMC Real Estate Association Le Hoang Chau said that in the long term, HCMC should auction golden land including plots in downtown area to bring a big revenue for the city budget and choose qualified investors to implement projects.
HCMC Real Estate Association (HoREA) forecast that the needs of affordable housing, low cost commercial, social housing and low cost apartments for lease will approximate one million apartments in the next decade as current supply has met only 13 percent of total demand in the city.
Following efforts seeking solutions to build low cost housing for low income people, HCMC Real Estate Association yesterday hosted a forum themed “Developing low cost social and commercial housing” attended by secretary of the city Party Committee Dinh La Thang.