Business

Property market on road to recovery

Potential is seen in the development of the Vietnamese property market in the next 10 years, as it is now on the path of recovery.

With the Government's efforts to restructure the property market, housing prices have since stabilised amid rising liquidity and falling inventories, noted Nguyen Manh Ha, Director of the Housing and Real Estate Market Management Department under the Ministry of Construction.
Potential is seen in the development of the Vietnamese property marketin the next 10 years, as it is now on the path of recovery.

Withthe Government's efforts to restructure the property market, housingprices have since stabilised amid rising liquidity and fallinginventories, noted Nguyen Manh Ha, Director of the Housing and RealEstate Market Management Department under the Ministry of Construction.

Ha said the positive trend will continue this yearand the structure of housing products is gradually adjusting to marketdemand.

Planning and management shortcomings havecaused an imbalance in the property market, which fell into stagnationfrom 2011 to 2012 with inventories topping 100 trillion VND (4.7 billionUSD) in 2012, Ha revealed.

Experts cited Government breakthrough policies to tackle market difficulties and help the realty market get back on track.

The laws on the real estate business and on housing, which theNational Assembly is reviewing for possible amendment, are also expectedto create new stimulus for the realty market.

Hapredicted the continued existence of opportunities for property marketdevelopment in the next 10 years, adding that an improved legal systemand tightened management are critical to enhancing land use efficiency.

Policies to attract capital into the property marketare also needed, Ha explained, expecting that property-related taxesand fees to fine-tune market development in each segment will be in linewith real demand, thereby ensuring social security and preventingspeculation.

The establishment of housing funds isalso an indispensable solution, as arranging capital for housingprojects is now an urgent matter, Ha added.-VNA
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