Controlling Real Estate Transactions Involving Multiple Resales: Efforts of Provinces and Cities

Recently, many provinces, especially in the southern region, have seen significant fluctuations in real estate prices due to multiple resales of the same properties, particularly in large projects and residential areas. To prevent such issues, authorities have implemented strict control measures to ensure the healthy, fair, and transparent development of the real estate market.

Real Estate Price Fluctuations: Dong Nai and Binh Thuan Leading the Way in Control

Recently, the People's Committee of Dong Nai Province issued a directive to strengthen the management and control of real estate price fluctuations. The Department of Construction is tasked with coordinating with relevant agencies to review the business activities of real estate enterprises, investors, trading floors, and brokers. Special attention is being paid to controlling land subdivision projects to prevent speculation, where people purchase land without developing it, leading to price inflation and market confusion.

Additionally, Dong Nai has required relevant departments to strictly monitor land use rights auctions, ensuring transparency and compliance with the law, with violations being dealt with harshly.

In Binh Thuan, as the real estate market recovers, the Department of Construction has published a list of 33 projects that have not yet met the conditions for transactions. Most of these projects are located in "golden land" areas such as Phan Thiet City and surrounding districts. This action follows the discovery that some developers and distributors were pre-selling and transferring properties through unauthorized methods such as reservations and deposits, actions not in line with the Housing Law and Real Estate Business Law.

Controlling Speculators and Land Brokers

One of the main concerns currently is the presence of speculators, land brokers, and certain enterprises who are exploiting market fluctuations to manipulate prices, causing market disorder. Mr. Le Hoang Chau, Chairman of the Ho Chi Minh City Real Estate Association (HoREA), stated that land prices in several districts of Ho Chi Minh City have increased dramatically, with Hóc Môn district seeing a rise of nearly 40 times. However, the newly adjusted land price table issued by the city's People's Committee is designed to better align with the market, reducing the negative impact on the market.

Mr. Chau pointed out that while the new land price table may not have an immediate effect on the real estate market, it will influence the market in the "second phase," when real estate companies acquire land for project development. This could create upward pressure on property prices, as people may try to sell land at higher prices.

He also warned that authorities need to effectively control the activities of speculators, land brokers, and some enterprises that might take advantage of this situation to push up prices and disrupt the market. Additionally, efforts to raise public awareness of legal regulations should be strengthened, helping investors and the public better understand and comply with new real estate laws.

Conclusion: Efforts to Control the Real Estate Market

With the ongoing fluctuations in the real estate market, controlling real estate transactions, especially those involving multiple resales of the same property, is essential for stabilizing the market. Provinces such as Dong Nai, Binh Thuan, and cities like Ho Chi Minh are actively working to control speculative behavior and prevent uncontrolled price increases, ensuring sustainable market development. Authorities must continue to enhance cooperation, increase supervision, and strengthen legal education to help the public and businesses understand and comply with new regulations, collectively maintaining the transparency and stability of the real estate market.