In Ho Chi Minh City (Photo: VNA) HCM City (VNA) – Information relating to the loosening of creditroom, and commitments from the Ho Chi Minh City People's Committee and other agencies onremoving hurdles to transactions have led to experts' positive views on the future of the property market.
According to Vo Huynh Tuan Kiet, Director of the HousingDivision of CBRE Vietnam, credit in 2023 will be more abundant than in 2022thanks to the State Bank of Vietnam (SBV)'s decision to extend limits by about 1.5 - 2% for commercial banks to inject about 457 trillion VND(19 billion USD) into the market.
The SBV’s decision to loosen the credit roomis a positive signal for the recovery of the domestic real estate market ingeneral and HCM City in particular. Currently, many real estate projects have halted due to a lack of capital. Buyers face difficulties because they do nothave access to credit to purchase houses. The facilitation of capital flow willhelp investors continue to implement projects and buyers have theopportunity to realise their dreams.
Kiet said that the source of money from the stockmarket is trending to increase again. In case the stock market rises to 1,300 - 1,400points, there will be a large amount of capital put into the economy and realestate sector. The bond market is gradually recovering, he said, noting thatthis is also an important capital channel.
According to Deputy Director of the city’s Departmentof Natural Resources and Environment Nguyen Thi Thanh My, there are currently116 real estate projects in the city that have problems related to theprocedures for selling apartments, tax calculation and construction permits. Amongthem, 38 projects have been delayed for successive years.
Recently, the municipal People's Committee hada meeting with six real estate businesses to remove obstacles for seventroublesome projects in the city. These projects are located in districts 1, 4, 7,Tan Phu and Thu Duc city, she said.
In addition to providing legal support forcommercial real estate projects, the city will also focus on solving issuesrelated to investment procedures for social housing projects, workeraccommodations and renovation of old apartment buildings.
It will focus on removing difficulties for 18 prioritised social housing projects and 16 degraded apartment buildings this year, My said.
With the above-mentioned solutions, HCM City is expected to bring to the market alarge number of real estate projects in different segments, meeting the demand of the market, especially solving a lack of supplyof affordable social housing./.
