Ho Chi Minh City Real Estate Association (HoREA) commented that the real estate market in the suburbs of Saigon has a virtual fever phenomenon in the land segment of suburban districts.

Real estate brokers and brokers are the beneficiaries of the current virtual land price fever.

The Association recommends that there should be timely and effective cooling solutions to prevent the bubble from bursting and cause chain damage in the real estate market to protect consumers.

According to HoREA, the virtual land fever in Ho Chi Minh City needs to quickly cool down to avoid the risks of forming a real estate bubble.

Solution one: Request the City Leaders to clearly announce that there is currently no policy to convert Binh Chanh and Hoc Mon districts into districts, or to establish a city administrative organization within the city in the East, West and West areas.

Second solution: Request the People’s Committee of Ho Chi Minh City to soon issue a new Decision to replace Decision No. 33/ issued in 2014 regulating the minimum area of residential land that can be divided into plots.

Third solution: Request the People’s Committee of Ho Chi Minh City to direct research on mechanisms and policies to manage real estate business activities of real estate brokers and land brokers who are operating as individuals without business registration.