The laws seem to be just fine but may need more clarification related to land use for development. The system for transactions seems to be working and I don’t see anything particularly wrong with it.  That doesn’t mean that you don’t have to be careful when buying an apartment.

The biggest problem for the real estate market is that because of the high interest rates being charged by the banks the developers don't really have usable long terms funds available to develop their projects and this causes the price per square meter to be higher than it has to be.  On the consumer side, because the rate remain so high, the mortgages available are very risky and strain a families ability to pay back the mortgage and also because the mortgages are for short terms it prevents the consumer from being able to borrow very much money for their home.  Lastly, the banks require a very high equity to loan ration so that the home buyer needs to put quite a large amount of money upfront in order to purchase the apartment.  These factors are
actually inhibiting the real estate market.

The government on the other hand seems to be doing a great job of supporting the market by eliminating import taxes on construction materials and encouraging domestic industry to produce more of their own products so that a developer doesn’t need to bring in supplies from China.