It is estimated that nearly 10 reports about the real estate market are released every quarter and published in the media. In addition to reports by multinationals, such as CBRE, Savills and JLL, there are also reports from domestic institutions, including batdongsan.com, DKRTA Vietnam and the Vietnam Association of Realtors (VAR).

The problem is that the statistics about the market are always different, while many consultancy firms sometimes have to apologize and correct the information released.

Le Hoang Chau, chair of the HCM City Real Estate Association, said inaccurate figures and unreliable predictions could create chaos in the real estate market.

According to Chau, consultancy firms and experts comment and forecast based on different perspectives and benefits.

Chau recalled a story about what happened in 2016. There was a report with inaccurate information given to the Prime Minister about the HCM City real estate market from a consultancy.

“The figures shown in the market reports were based on the business results of one unit or reporter, so they did not truly reflect the performance of the whole market. Meanwhile, real estate developers may exaggerate statistics and only report information which can bring benefits to them,” he explained.

“They may fabricate figures to mislead people to conclude that the market prices of land and apartments in certain areas are very high and the market segment is very hot. This will affect market performance and cause information chaos,” he added.

Chau has proposed that competent state agencies need to rectify information sources. Those who release reports about the real estate market and prices must meet certain requirements. They must cite sources of information and give analysis based on reliable database. Also, they must be responsible for information they release.

“In principle, if the wrong information causes damage to third parties, they will have to take responsibility for this,” Chau said. “Consultants and real estate service providers need to build their own brands, while mass media need to be cautious when reporting news."

Hoang Hai, director of the Housing and Real Estate Market Management under the Ministry of Construction (MOC) confirmed that there is too much information about the market, but the accuracy of the information is in doubt.

MOC also releases reports on market performance based of reports from cities and provinces, with reference to other sources. Hai said the information released by MOC is authentic, though its reports often come after reports by private units.

Hong Khanh