Proposals for Real Estate Price Verification and Declaration: Essential Measures for Market Stability

Amidst the current instability in real estate prices, many members of the National Assembly have called for urgent measures to control and regulate property prices, in order to prevent unusual price increases and curb market manipulation. Notably, proposals from representatives such as Hoang Van Cuong and Ta Van Ha focus on price declaration and inspection to ensure transparency and market stability. Price control not only brings much-needed stability to the market but also protects the rights of the people and creates a healthy business environment.

Ensuring Transparency Through Price Verification and Declaration

According to Representative Hoang Van Cuong, the current shortage of supply has allowed many enterprises to exploit the situation and introduce unusually high selling prices, putting significant pressure on buyers and disrupting the market balance. The real estate market has already faced numerous difficulties due to excess demand, and the arbitrary increase in prices by enterprises not only creates a price bubble but also makes the market less accessible for people with average or low incomes. To address this issue, he proposed that the Government should implement regulations to inspect price components, especially when the market shows abnormal fluctuations. This inspection would help the Government clearly identify the factors driving price increases and promptly prevent any opportunistic behaviors. Notably, real estate products being sold for the first time on the secondary market should also be subject to price declaration to ensure transparency. If price verification and declaration are conducted regularly and strictly, the Government will have a clearer view of the market situation, thereby allowing appropriate adjustment measures.

In addition, Representative Cuong emphasized that applying price declaration regulations to all real estate products would help create a public, transparent market under the supervision of regulatory authorities. This not only helps to prevent "price inflation" but also protects consumers from financial risks when buying homes at unreasonable prices. It is an effective measure to encourage healthy and sustainable competition in the real estate market.

Controlling Market Manipulation and Reducing Bad Debt

Representative Ta Van Ha warned about the phenomenon of market manipulation, with a group of vested interests inflating prices and creating real estate bubbles. This phenomenon not only harms the real estate market but could also cause serious consequences for the economy, including risks of default and increasing bad debts in the financial system. He also emphasized the need to control the issuance of real estate bonds, as uncontrolled bond issuance could lead to default risks and increased bad debts in the economy. Currently, real estate bonds are being issued with high-interest rates, attracting many investors. However, without proper control measures, rampant bond issuance could create financial burdens when they mature.

Representative Ha also proposed that strong measures are needed to prevent speculation and price manipulation. Companies that exploit the situation to arbitrarily raise prices should be strictly sanctioned to protect the market's health. At the same time, the Government should establish clear regulations to control real estate transactions, including the control of investment capital from bonds, to minimize risks for the economy.

Transparency and Equality in the Real Estate Market

Representative Trinh Xuan An from Dong Nai emphasized the importance of creating an equal playing field for all participants in the market. He suggested that controlling land prices must align with actual needs, particularly in the segment of housing under 2.5 billion VND, to meet the demands of the majority of citizens. Affordable housing is a very important segment, as it meets the essential needs of low-income groups who often struggle to access housing. Moreover, cashless payment and imposing taxes on individuals with multiple properties are also critical measures to control the market. Cashless payment will help better monitor transactions and prevent fraudulent activities, while imposing taxes on individuals with many assets will curb speculation and promote efficient land use.

Mr. An also highlighted the Government's role in establishing control measures to prevent excessive real estate price hikes. These measures should be applied fairly and comprehensively, ensuring that everyone has the opportunity to participate in the market without being excluded by unfair factors. He also mentioned that building social housing and housing for low-income earners is an important part of the development strategy, ensuring that housing needs for all segments of the population are met.

Supply Issues and Legal Procedures

One of the main reasons for the current surge in real estate prices is the low supply, mainly due to legal procedural obstacles. Representatives proposed improvements to regulations related to land, housing, and real estate business to boost supply, indirectly reducing pressure on prices. Improving legal procedures not only helps accelerate the approval process for new projects but also facilitates businesses in implementing approved projects. This will help alleviate the shortage, particularly in the middle-income housing and social housing segments.

Additionally, there needs to be strong Government support in addressing legal issues and expediting project approvals. Many projects are currently "frozen" due to legal obstacles, preventing supply from meeting the growing demand. Measures to improve legal procedures need to be prioritized and further strengthened, including simplifying processes and shortening review times, thus creating favorable conditions for investors.

Conclusion

The declaration and inspection of real estate prices are considered necessary steps to ensure market transparency and stability. These measures not only help control prices, prevent manipulative behaviors but also protect the rights of homebuyers and create a fair business environment for all participants. This will help the Government gain a clearer view of market pricing trends and apply suitable adjustment measures when necessary. Transparency and fairness in real estate transactions not only increase public confidence but are also crucial factors in attracting investment capital and fostering sustainable market development.

The Government should play a leading role in establishing and maintaining transparency in the market. Implementing control measures and price declarations, along with supportive policies for supply and clear legal regulations, will contribute to building a sustainable, stable, and fair real estate market for all participants.