Real estate price index to be piloted in HCM City
29-AUG-2008 Intellasia | Thoi Bao Kinh Te Vietnam
Aug 29, 2008 - 7:00:00 AM
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Ministry of Construction proposed and combined with specialists of The Central Institute for Economic Management (CIEM), Price Research Institute and relevant agencies to discuss some indexes to review prices of real estate market.
As researched, there should need to have two important indexes including Real Estate Market Index -REMI and Real estate Price Index- RPI to assess the real estate market.
Like the stock market and consumer goods market, the property market also needs to have a synchronic target showing market scope.
In order to calculate out REMI, there should have enough observation data and proper index proposals. According to the ministry, first off, we should build up a narrow market index based on trading price, transaction base and number of days a property is offered to sell on the real estate market. If possible, the index will be widened and improved more.
REMI can be calculated for each market part such as Ap-REMI (index for apartments), Ul-REMI (index for urban area) or REMI-HCM, REMI-HN, Ap-REMI_HCM, or Ul-REMI-HN.
RPI is calculated based on number of transactions of a property (unit: square metre), which will show the movement of price of each market part.
The building up of RPI for the real estate market is a new assignment so HCM City—the briskest real estate market was chosen to be the first locality for the pilot of RPI.
Ministry of Construction will take data from HCM City's 10 real estate brokerage firms operating on Vietnam's real estate trading network.
The pilot in HCM City will be slated to the end of 2008 and expanded to three regions in 2009.
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