Although prices of real estate across Da Nang are now falling after a ‘land fever’ spreading rapidly several months ago, the city has seen a continuously growing number of real estate brokerage offices and trading floors.

Many makeshift real estate trading offices located along the pavement of a street in Cam Le District

For instance, there are now more than 40 makeshift real estate trading offices located along the pavement of the 500m–long Nguyen Phuoc Lan internal route in the Cam Le District-located Hoa Xuan Eco-urban Area.

The majority of these officers’ owners act as an intermediary between parties in real estate sale, transfer, lease, sublease and lease purchase transactions.

In a similar vein, a 3km-long section of the 2 September Street between its intersections with the Xo Viet Nghe Tinh Street and the western approach to the Rong (Dragon) Bridge, now sees a total of about 20 real estate trading floors.

These are places where real estate sale, transfer, lease, sublease, or lease purchase transactions are carried out. 

According the latest statistics released by the municipal Department of Construction, the city is now home to a total of 38 real estate trading floors.

Mr Nguyen Van Thuong, the Director of the Gia Phu, affirmed that an upward trend in the number of real estate brokerage offices and trading floors over recent months has been mainly attributed to a sharp hike in the volume of real estate trading transactions.

One issue raised here is that many newly-established real estate trading floors are resorting to as many deceptive trick as possible in an attempt to attract more clients.

Still worse, some of them are running sales programmes for their properties which do not have any specific legal framework.

In recent months, many buyers who purchased land lots in some real estate projects in Da Nang panicked after having found out their bought properties have already been mortgaged by their developers.

As the mortgage loan has yet to be repaid, buyer of these properties are now unable to register for paperwork to get their ownership certificates.

Buyers of the mortgaged properties reported the problem to competent authorities in the hope that the problem with be resolved and justice will be served.

Mr Nguyen Huu Duc, the Director of the city-based Protech Real Estate Company, underlined a must-do for property buyers to be more cautious before opening their pockets, and sign deals with proper contracts to avoid falling victim into such scams.

It is also highly recommended that the general public should learn about a list of projects eligible for the transfer of land ownership rights before making their purchase decisions in order to minimise risks.

The names of these real estate projects with specific legal framework are now on display on the official website of the municipal Department of Construction.