» » Property transaction centres "too complicated"for investors

Only 25 per cent of property transactions have been carried out through transaction centres since the system was made compulsory seven months ago, said Cao Le Tuan, secretary of the Viet Nam Network for Real Estate Transaction Centres.

Network senior official Phan Thanh Mai said that instead of going to transaction centres, companies often advertise properties for sale in newspapers or went through a broker.

This is contrary to Circular No13/2008/TT-BXD of the Ministry of Construction which regulates that all real estate transactions must be carried out through licensed real estate transaction centres.

Transaction centres are not attractive for investors, in part because it was too complicated to buy or advertise a product through a transaction centre, investors said.

"It took me much time to find an apartment in transaction centres," Ha Kieu Linh, of Ha Noi, said. "Then when I found one I could not register to buy it. The procedure was so complicated.

"Finally, I bought one from a broker."

Economic pundit Dang Hung Vo said the establishment of so many property transaction centres did not help the Vietnamese real estate market operate effectively.

"In the past, transaction centres were set up based on supply and demand of the market," Vo said. "Now they were being established to meet the demand of the law."

Nevertheless, the general consensus was that real estate transaction centres were necessary and would develop in time.

The clearance rates of these centres was important to attract foreign investors to the domestic property market, said Tran Ngoc Quang, director of the Vinaconex Tourism Investment and Development Joint Sock Company.

Experts said, however, that property transaction centres needed stricter management by authorities and a more perfect legal system.

Viet Nam Federation of Civil Engineering Associations deputy chairman Pham Sy Liem said the centres needed to be more professional and have closer relations with the market and with each other.

Network secretary Tuan said that if transaction centres wanted to attract more investors and companies, they needed to offer other services besides consultancy.

They must become a notary centre to help investors, Tuan said.

Source: Vietnam News

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