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There are currently many sources of information on real estate market reports and forecasts. In addition to research units, real estate trading floors and brokers also provide information that causes disruption in housing prices.
In fact, currently, each quarter there are nearly ten real estate market reports published in the media. In addition to reports from multinational companies such as CBRE, Savills, JLL... there are also reports from domestic organizations such as batdongsan.com.vn, DKRA Vietnam or Vietnam Real Estate Brokers Association...
However, there is a phenomenon that the data of market reports are different and inconsistent. Or the consulting unit experts apologize, adjust the real estate market forecast...
Mr. Le Hoang Chau, Chairman of the Ho Chi Minh City Real Estate Association (HoREA), said that reports with inaccurate information and forecasts could disrupt the real estate market.
According to Mr. Chau, each consulting unit and expert evaluates the market from a different perspective. Including benefits.
Sharing a story from 2016, Mr. Chau said he had reported to the Prime Minister about inaccurate information related to Ho Chi Minh City real estate from a consulting company.
In fact, some reports contain very responsible content, independently assessing the relevance and accuracy. The report is presented for informational purposes only for the unit's customers and experts.
“The data in the market report can only be evaluated based on the customer base of that unit, so it cannot represent the whole market. From the perspective of benefits, it can be to promote business, so the unit offers favorable rates and prices to make investors believe that the market in that area is good, as well as that they are also operating very effectively… This can affect the market, causing information confusion” – Mr. Chau said.
From there, the Chairman of HoREA said that competent state management agencies must also rectify the information sources of units and individuals. Units must cite information sources, analyze on the basis of data, scope, etc. They must also be responsible for that information.
“If there is any damage to a third party, they must be held responsible according to the law. It is important that the units also build their own brands. The press also needs to be careful when reporting information,” said Mr. Chau.
Speaking to the press at the Ministry of Construction's third quarter press conference on October 19, Mr. Hoang Hai - Director of the Department of Housing and Real Estate Market Management (Ministry of Construction) admitted that there are currently many sources of information about the market, besides research units, real estate trading floors and brokers also provide information.
For the Ministry of Construction, information is based on localities including 58 provinces and cities, also referring to organizations and associations. Although the information of the ministry is slow, it is officially provided to interested individuals and organizations.
Deputy Minister of Construction Nguyen Van Sinh also said that currently, many organizations and individuals provide information about the real estate market. However, the information is only within a certain scope and perspective, so the information is different.
According to the leader of the Ministry of Construction, the Law on Real Estate Business prohibits the act of providing false information about the real estate market.
In response to press reports about discrepancies in real estate prices, such as many low-rise projects costing up to 300 million VND/m2, while market surveys show prices are lower than the above prices, the Deputy Minister said he would ask local authorities to check and inform the press when there is official information.
“In the near future, after the Law on Real Estate Business is revised and the related decree is completed, there will be a market information portal. Accordingly, all information about daily transactions, selling prices, and transaction quantities will be updated continuously, accurately, and transparently,” said Deputy Minister Nguyen Van Sinh.
According to Vietnamnet