Real estate developers and brokers in HCM City are misleading investors with false information to promote sales.
Home buyers in HCM City are having to deal with inaccurate promotions, taking advantage of inadequate laws and lax financial management.
Le Huu Nghia, the director of Le Thanh Commercial Construction Co, said many investors and brokers claim there more demand than exists for apartments to pressure investors to buy quickly or risk losing out, even though occupancy rates of many property developments are low.
"They may increase an apartment's price the next day to try to fool customers into believing that they are being sold fast. Such marketing tricks aren't banned," he said.
Real estate inventory is still high due to recession, while new projects continue roll out. There are about 1,400 projects in the city worth about VND12.5trn. Even though the number of transaction in the first six months reached 8,750, doubled than the same period last year, many developments remain unsold.
The Ministry of Construction is planning to set up a Vietnam Real Estate Broker Association to improve market transparency.
Vu Dinh Trung, the director of Viethome Co, urged the authorities to set up a real estate information centre for customers.