Vietnam’s Real Estate Information System debuts
The first product posted on this system will be the report on the situation of Vietnam's real estate market in 2021 and the Trends and Challenges forecast for 2022.
The launch of the Real Estate Information System on https://vars.com.vn/ is considered the first step in the digital transformation strategy, contributing to improving the quality and sustainable development of Vietnam’s real estate industry.
The feature of the website. Photo: Phi Nhat
The system features a website to update real estate market information such as market evolution and trends, impact policies, outstanding transactions. It also allows users to look up information on the quality and legal status of housing projects as well as the competence of realtors and real estate trading floors.
The system provides specialized information services such as local real estate weekly bulletins, real estate transaction market reports, which summarize situations in the past period and forecast developments in the next period, vocational training, and communication.
Speaking at the launch ceremony on January 12, Nguyen Van Dinh, Chairman of the Vietnam Association of Realtors said, with a growth forecast of 6-7% in the next decade, Vietnam is one of the small and medium-sized economies that has the best growth in Asia with advantages in population size, young population structure, and fast urbanization rate.
“Vietnam’s consumption growth is assessed at a high level compared to other regional countries. This is a relatively sustainable competitive edge, helping the real estate market maintain a certain growth rate even when the economy is affected by the Covid-19 pandemic for nearly two years,” he said.
From an investor's perspective, Dinh said the real demand and opportunities in Vietnam are very attractive in the fields of housing, offices, retail real estate, logistics, and hotels.
With an emerging market like Vietnam, the lack of transparency and standards in transactions and in working with domestic partners is one of the big risks for national and foreign investors. Criteria to evaluate transparency also include an assessment of the reliability of real estate brokerage services in the market, in addition to standards of valuation and market transaction information, according to Dinh.
"With the comprehensive construction from updating market information to a diverse database, the system is expected to help gradually improve the quality of information, towards sustainable market development,” he emphasized.
The first product posted on this system is the report on the situation of Vietnam's real estate market in 2021 and the Trends and Challenges forecast for 2022.