Real estate websites boom in Vietnam

With only a couple of effortless mouse clicks, customers can reach their targets. What’s more, once the intension of granting red residence certificates electronically is realised, they can look up the legal record of a property on the internet.

Buying a house on the internet has become a popular trend in many countries for years. In Vietnam, real estate websites have been opened in a great quantity in recent years. Not only private companies but the Vietnamese Ministry of Construction, the regulator of real estate market, also focuses on this channel.

Easy house purchase with Internet

Instead of finding thick ads on local newspapers to search for information, usually very basic, about desired houses and land plots, they only need to turn on internet-connected computers or electronics devices, and browse to detail-focused real estate websites. With restricted space as printed newspapers, real estate websites present full and diverse information. Home hunters can grasp basic information about address, area, floor, room, home direction, price and legal status, etc.

Supported by digital mapping systems, buyers can also have a broader look on the address and surrounding infrastructure of the project. For example, when a buyer finds out information about a house on Nguyen Tam Chinh Street (Hoang Mai district, Hanoi), the digital map will show related social infrastructures like schools, hospitals and supermarkets.

Multi-utility

Real estate websites began to be opened widely in recent years. Not only providing buy-sell information, these websites also supply a real estate market overview with enormous information about nation-wide projects, related legal policies, specialist remarks, commentaries, breaking news, orientations, predictions, analyses, market performances, trading experience, etc.

In addition to providing real photos and video clips of each house and land plot, more importantly, buyers can make an offer to sign contacts with sellers directly through the internet, without having to work with intermediaries. As a result, buyers will do not need to pay unnecessary charges to brokers. Clearly, new technologies have helped real estate investors save time, effort and cost. Of course, buyers and sellers must choose reputable, popular websites with high-quality information, reasonable prices and supports.

Not only private companies but the Ministry of Construction is also interested in developing this new market system. Currently, the Housing and Real Estate Market Department (Ministry of Construction) is operating the Vietnam Real Estate Transaction Floor Network and the first-ever State-managed real estate information portal.

According to Mr Nguyen Manh Ha, Director of Housing and Real Estate Market Department and Director of the Vietnam Real Estate Transaction Floor Network, real estate websites will help domestic and foreign organizations, individuals and investors to buy real estate, refer to prices, seek information about real estates, and make an offer online amongst others.

Open opportunities

Database is important for only real estate buyers. In developed countries, a real estate website can have dozens of millions of images and attract millions of visitors each day.

In Vietnam, information is mainly supplied by sellers, a certain extent, the reliability is not high. However, according to experts, technical factors may be offset by the time. Powered by scientific and technological development, the access to real estate buyers – sellers is much easier and more manageable. At present, with the Google Earth service, which allows a user to zoom in and zoom out many places on the earth, buyers or tenants can know more information about their target locations

According to the Ministry of Natural Resources and Environment, in the next five years, many provinces and cities in Vietnam will grant land and housing certificates on the internet. This is a modern model of real estate registration using barcodes and land registration software. To complete granting red residence books online, the Ministry of Natural Resources and Environment is completing digital cadastral maps and records. In the near future, buyers can know the legal status of a property online with a couple of clicks.

Clearly, this is a great opportunity for real estate websites and real estate transactions to boom on the internet. – VCCI

Tags: vietnam real estate market