Increased inspections and document preparations contribute to housing shortage in HCM City

Real estate developers are spending more time preparing documents for investment and many projects are under legal examination or inspection, contributing to a housing shortage. The HCM City real estate market saw slow development in 2021 because of Covid-19. The city had to impose a lockdown, so the number of housing products remained unchanged. The legal system remains inadequate, so businesses have to spend a lot of time preparing documents for investments. There are some projects under examination and auditing, while other are under investigation. Relevant agencies are slow in giving views about inspected projects and slow in legal procedures handling, especially projects using land managed by the State or businesses related to state capital. According to the HCM City People's Committee, the legal framework remains incomplete, making it difficult to find solutions to handle violations in real estate trade. One apartment is sold to many people. Investors collect deposits from buyers, even though legal procedures have not been completed. This is one of the most common violations. In the fourth quarter of 2021, because of the pandemic, the HCM City real estate market did not see any major fluctuations. The market was inclined to high-end real estate. In Q4,… Read full this story

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