Quang Binh Province’s Department of Construction has urged commercial banks to tighten control over real estate loans to prevent speculation which is pushing up land prices in the central province.

Vo Van Tuan, head of the Housing and Real Estate Management Department, was quoted by Xay Dung (Construction) newspaper as saying that raising interest rates for real estate loans should be considered as a way to prevent speculation.

The provincial construction department would make the land planning and projects’ information available to the public so that people could get accurate market information.

Tuan said that the management on real estate brokerages should also be enhanced.

The department’s statistics showed that land prices in Quang Binh increased by around 10-15 per cent annually over the past three years but saw a whopping rise of 40-50 per cent in 2018 compared to the end of 2017, triggering worries about a land price fever. — VNS