HCM City seeks to tame property prices

22-Sep-2018 Intellasia | The Saigon Times | 6:00 AM Print This Post

The HCM City government has asked the municipal police to launch an investigation to determine who is responsible for spreading rumours that have recently destabilised the local property market, causing a spike in housing prices.

The city’s move is intended to tame rising property prices, cooling the fever that could lead to a property market bubble.

Speculators have been blamed for blowing up housing prices, particularly for landed houses and land lots attached to residential development projects.

At the same time, the HCM City People’s Committee has asked the Construction Department to work with the Department of Natural Resources and Environment and relevant agencies to publicise information on the city’s urban zoning and the construction progress of property projects in the city.

The city ordered districts to tighten their management of land plot separation activities to ensure they are handled correctly by the right people.

According to the city government, the recent housing price spike might have been caused by speculators and brokers who manipulated the market with inaccurate information, artificially increased prices and then transferred property to enjoy high profits.

In some areas, land surged 70 percent compared with the same period last year, going far beyond its actual value.



Category: Economy, Vietnam

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