There has been an increase in prices of houses and land in the city. The Department affirmed the volatility of housing segment in the property market follows the laws of supply and demand.
Notwithstanding, more people bought houses as there has been rise in price of land; consequently, land price has gone up more.
Speculation and incorrect information resulted in high transaction value, even 70 percent rise compared to same period last year.
The Department said present high land price is in some areas which have poor traffic and infrastructure.
Accordingly, in its document to People’s Committee, the Department wants to take steps to curb property bubble in some areas for a transparent and sustainable development of real estate.
The Department said in its document that participation of related agencies, local governments and state bank of Vietnam is needed to curb the property bubble.
Specifically, the Department of Environment and Natural Resources, the Department of Construction and people’s committees in districts should publicize the information of construction pace of condominium projects, urban transport infrastructure.
Additionally, district administrations have to enhance management on separating farm land in urban and rural areas. Police officers and local governments will issue harsh fines on those spread incorrect information of projects or swindlers.
By NHUNG NGUYEN – Translated by UYEN PHUONG
- Is Britain on the verge of a Brexit-fuelled house price crash? Only the data will tell
- Netflix price rise hits all customers in the United States
- Paradox giving games to customers affected by regional price rises
- PC gaming hardware prices rising today as Trump’s tariffs come into effect.. and it’s going to get worse
- AMD Ryzen Threadripper 2000 Series Pricing And Specifications
- Bottom falls out of Diablo 3 burger market as auction house prices tumble by 91%
- Nintendo’s Share Price Rises Beyond Its Pokémon Go Peak, Hits Seven-Year High
- Prices Rising? Modern Warfare 2 For £40
- Fallout 4 DLC Revealed as Season Pass Price Rises
- Game prices rise as holiday sales end