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Real estate trading floors – Old wine in new bottle
Most real estate trading floors are still in their infancy, which explains why they remain unprofessional.
A lot of real estate trading floors have been established recently, with 10 trading floors set up in the last four months alone. However, the majority of the floors are not much different from real estate brokerage centres in the past. Therefore, analysts are calling the trading floors new bottles which contain old wine.
Trading floors just aim to collect brokerage fees
“Trading floors now mostly act as brokers who aim to collect brokerage fees. I still cannot see any difference between the current real estate trading floors and real estate brokerage centres in the past,” said Tuan, a real estate investor in HCM City.
In fact, most operational trading floors are not capable of checking the files of the projects offered for sale on the floors. Meanwhile, people should not expect that floors’ directors will take responsibility for the legitimacy of the available real estate.
Under the current regulations, the legitimacy of the products available on the trading floor must be made public. However, people have doubts about the strict implementation of the regulation, especially as most investors set up trading floors just to sell their own products.
A lot of investors advertise that they have standard trading floors, but no one can define ‘standard trading floor’ and what the difference is between making transactions on non-standard and standard trading floors.
“Enterprises are now just striving to cement their position in the market and waiting for their opportunity to come,” said Duong Chi Thien, Deputy General Director of Neoland.
Lacking transparency and confidence
According to the House and Real Estate Management Agency, by mid March 2009, Vietnam had granted 1,208 certificates to practice brokerage, and 439 certificates of real estate assessment. However, no one has examined the qualifications and professional ethics of those who get certificates.
State management agencies are striving to build up a real estate index which can help them build up reasonable policies. However, as real estate trading floors still are not connected to each other, it is impossible to get information about sale and purchase statuses within a single day.
A lot of real estate enterprises have their own real estate indexes. However, the accuracy of the indexes remains questionable.
In related news, Savills Vietnam, which has headquarters in HCM City, has set up a real estate trading floor in Hanoi, becoming one of the first 100% foreign-invested enterprises to set up a real estate trading floor in Vietnam.
vietnamnet, vnmedia
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