HCMC requires to prevent land price fever, property bubbles

HCMC People’s Committee has instructed the Department of Construction to strictly implement regulations relating to the real estate market, keep a close eye on the market and prevent land price fever and property bubbles.
Housing prices still see uptrend in the market (Photo: SGGP)
Housing prices still see uptrend in the market (Photo: SGGP)

In addition, the committee wants the agency to provide consultancy on measures to transfer middle and high-end housing inventories and inefficiently exploited apartment projects into low-price or social housing ones for low income people if investors of these projects want to do so.

The city also prompted the Department of Construction to intensify inspection and handling to violations in implementing regulations on real estate investment and trading, future housing projects without guarantees and projects put into operation without acceptance of work quality.

According to the Ministry of Construction’s report about the property market in the first quarter of 2020, housing prices were still in an uptrend although supply reduced compared to the previous quarter and the same period in 2019. In HCMC, apartment price saw a year on year increase of about 3.5 percent.