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Real Estate Lacks Transparency Information Channel

Real Estate

In any business, information is always a top priority for both buyers and sellers. However, looking into the real estate market, the information seems to belong only to the seller, while customers are difficult to determine the authenticity of the information.

Groping the information matrix

After many years of accumulation, Ngo Van Tuan, Me Linh, Hanoi, decided to spend money to buy a comfortable home for the family. With the purse strangely, listening to advertising on some land forum, he has many times to Hanoi to buy but failed. The main reason why Tuan did not dare “down the money” is that the apartment is different from the ads.

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“On the market, a lot of information about this project or, the other project is good. However, when the eyes are disappointed, I still have not found the apartment satisfactory because of unclear information, “Tuan confused.

A case like Tuan is nowadays quite popular. Just go through a round on the classifieds site, the housing forum, people can encounter much information about the introduction of real estate projects. However, most are just plain introductory lines, without the voice of the owner, the authenticity of the project is also very ambiguous…

Real Estate
Real estate lack standard transparency information

As a person who needs to buy a house, Reporters Securities Investment has spent a time to survey a lot of real estate projects in the south west of Hanoi based on the online classified information.  Among them, a project at Giai Phong Street is noted for its small advertising space, but many suitable designs, especially at relatively low prices compared to the market average…

When dealing with brokers, the information about the project is quite adequate as design, detailed price list for each apartment … However, before the question is the land in the project has been converted purpose of use Brokers are hesitant and say, “This has to be based on a broader relationship.” So for those who do not have a “broad” relationship, how do they do it? Believe that they care?

Lack of transparent information channels

Compared with a few years ago, the amount of information on land planning, construction, housing, real estate market development policies, especially information on real estate projects, Rich and updated.

This shows that the state management agencies have been more active in providing information to the market. However, compared with other real estate developers, the information on the real estate market in Vietnam is now rather fragmented, lack of precision, especially information about the market, supply and source…

Recently, in the opinion of experts, the market began to appear the information jam, causing home buyers wonder. Reliable information comes mainly from market research firms such as Savills, CBRE, JLL, Colliers … but not many.

Meanwhile, with the role of state management in the field of real estate, the Ministry of Construction has not built up a complete information system, even though two years ago, to prepare for the birth of Congress Establishment, management and use of the housing and real estate information system (effective January 1, 2016), established the Department of Statistical Information (Directly under the Department of Housing Management and real estate market).

Real Estate
The real estate market lacks transparency

In addition, the Ministry of Construction also has other subsidiary agencies to support the collection of market information such as the Central Standing Office of the Central Steering Committee on housing policy and real estate market, Institute of Construction Economics Set up (the unit drafting the circular guiding the implementation of Decree 117-2015).

In fact, from the market, almost home buyers do not have access to information about projects or policies through these agencies, but mainly through trading platforms, brokers, or websites.

Pham Thanh Hung, deputy general director of Cen Group, said that Vietnam’s real estate market is always “hungry” for information, so it is often surrounded by “informal” information. As a consequence, the home buyer is only five years of ignorant information, investing in the trend, causing “virtual fever”…

Agreed with the point of view, the leader of a real estate business said, the number of homes sold today is not exactly accurate. Even real estate consultants do not yet have a scientific statistical method and have not published a specific deal number.

For investors, these statistics have a great impact on business strategy, but they rarely rely on it, because they do not have much confidence in the statistics.

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Real Estate Lacks Transparency Information Channel
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