80 PERCENT OF REAL ESTATE TRADING FLOORS REOPEN

Up to 80 percent of real estate trading floors have resumed operations, along with the establishment of new ones, according to the Ministry of Construction (MoC).

The ministry’s report on the real estate market in 2021 and the first three months of this year, which has been submitted to the Prime Minister, showed that real estate trading floors have bounced back.

The report noted there were more than 1,600 real estate trading floors nationwide in 2020. However, due to the heavy impact of the pandemic, only 20 percent maintained operations.

At the end of last year, there was a revival, with 40 percent of property trading floors returning to work.

According to the MoC, the real estate market has gradually picked up and the number of transactions has been on the rise since the first quarter of this year after most provinces and cities returned to the “new normal”.

Notably, many floors have invested in facilities and training staff to professionalise the services. There has also been an exchange of information among the floors to enhance their effectiveness.

However, the ministry pointed out some real estate trading floors are perceived to collude with each other for price gouge.

To ensure the healthy and sustainable development of the real estate market, the MoC suggested adopting a number of solutions, including strengthening inspections over the implementation of regulations related to real estate trading, trading floor operations and brokerage activities.

At the same time, all violations related to real estate trading floor and brokerage activities, and delivery of information that has negative impacts on the operation of the financial, credit and real estate markets should be strictly dealt with.

Source: VIR