Illustrative image (Photo: VNA) Hanoi (VNS/VNA) - The country’s real estate market has seen positive signsfor recovery following the economic reopening, experts said.
Nguyen Van Dinh, General Secretary of the Vietnam Real Estate BrokersAssociation, told the conference "Vietnam Real Estate: NewNormal - New Trend - New Demand" on October 6 that in the three COVID-19outbreaks in 2020, after the pandemic was controlled, the real estate marketrebounded very quickly and became more active till the beginning months of thisyear. The proof was that in many localities at that time, the land “fever”continued.
“In the context of the pandemic, the property market was affected, but therewas no freeze. The market has not stopped. That shows the health and internalstrength of the local estate market is very good,” he said.
According to a recent report by the Vietnam Real Estate Association, in thethird quarter of 2021, there were still tens of thousands of real estatetransactions taking place. Although in the period, many localities implementedsocial distancing according to the Prime Minister’s Directive 16 to prevent andcontrol the COVID-19 pandemic.
Dinh added that the real estate sector has adapted to the pandemic, applyingtechnology to introduce products and conducting transactions withcustomers.
Tran Dinh Thien, former director of the Vietnam Institute of Economics, saidexperience shows that, every time the economy is in trouble, the realestate market recovers clearly and takes the lead in the recovery process.
“This time I think it will happen again, when we return to the new normal. Theproperty market will recover initially,” Thien said.
Another reason was that the global real estate market is recovering, which willbring positive signals to the domestic market.
"The number of transactions in the last quarter of this year is showingsigns of increasing. Developers not only choose the time to launch at the endof the year, but buyers are also more confident when they pour money into themarket,” he said.
Vo Tri Thanh, Director of the Institute for Brand and Competitive Strategy,also said that real estate investment has many prospects when it returns to thenew normal. In the past two years, in many countries around the world and Vietnam,real estate has been still a bright spot, with good liquidity and prices.
“From a consumer perspective, it is difficult because of the increase in realestate prices. This reflects the shift in lifestyle, living green, living well,happily, safely, leading to the trend of real estate relocation,” Thanh said.
Nguyen Manh Khoi, Deputy Director of the Housing and Real Estate MarketManagement Department under the Ministry of Construction, said that despitethe COVID-19 pandemic, the property sector still had positive signals,especially in the first half of the year with 55,000 successful real estatetransactions. There were only 43,000 transactions for the whole last year.
“Despite the COVID-19 pandemic, the real estate market has received greatattention. In the past three years, real estate prices have still increased.Some areas have recently seen surging prices in the land segment.However, this increase was due to a number of groups of brokers, speculators,and demand stimulus, so the price quickly dropped,” Khoi said.
However, in recent years, out of nearly 5,000 real estateprojects implemented, there are thousands of projects underconstruction. Many of which have problems related to legal procedures and longwaiting times for resolution. This shortcoming impacts the development of newprojects.
He said that the Ministry of Construction is working with other ministries andsectors to facilitate real estate trading by amending the Investment Law 2020and the Law on Construction.
Accordingly, in 2021, the Decree guiding the Law on Real Estate Business andthe Decree on the real estate market information system would be issued.
“We forecast these two documents will have a great impact on the market,"he added./.
VNA
