Real estate prices in 2021 are expected to increase by 10 percent over the previous year, said Nguyen Van Dinh, deputy general secretary of the Vietnam Real Estate Association (VNREA).
Between 14,000 and 16,000 foreigners have bought housing in Vietnam since July 2015, mostly from China, the Republic of Korea, Japan, Taiwan (China), and Singapore, the Ho Chi Minh City Real Estate Association (HoREA) estimates.
The value of corporate bonds issued in October was 9.5 trillion VND (409 million USD), down 12.8 percent from September, according to the Hanoi Stock Exchange (HNX).
Relevant ministries, sectors and localities should focus demand-supply forecast, and be cautious of the property market developments to prevent a housing bubble this year, Deputy Prime Minister Trinh Dinh Dung said at a recent meeting.
The severe economic blows from COVID-19 have forced scores of businesses to suspend operations and even file for bankruptcy, with real estate companies among the hardest hit.
The Vietnamese property market is expected to slow down, with prices starting to drop by the end of this year and hitting the bottom by mid-2021, creating opportunities for home buyers sitting on cash, experts have forecast.
Foreigners have bought some 16,000 housing properties across the country since they were allowed to do so in 2015, according to the Ho Chi Minh City Real Estate Association (HoREA).
The Ministry of Public Security has proposed not granting ownership certificates to allow condotels, tourist villas and officetels to be turned into residential projects.
The domestic real estate market is hoped to have growth in the fourth quarter of this year and before the Lunar New Year 2021 if, by this year-end, the domestic economy is restored to levels from before the COVID-19 pandemic, according to insiders.
The Ho Chi Minh City Real Estate Association (HoREA) has asked for corporate bond regulations to be loosened to help businesses get through the COVID-19 pandemic.
Experts and businesses in Ho Chi Minh City’s real estate sector have mapped out recovery scenarios after the COVID-19 pandemic passes, with the local property market having experienced a marked slowdown.
The Ho Chi Minh City Real Estate Association (HoREA) has urged the Government to add the property industry to the list of those affected by the COVID-19 outbreak and are eligible for a five-month postponement of value-added tax and land-use fee payments.
The HCM City Real Estate Association (HoREA) has called on the Government to resolve problems related to legal and administrative procedures and access to funding and cut lending interest rates to revive the property market.
The Ministry of Natural Resources and Environment (MoNRE) has sent a document to local departments to regulate the use and certification of non-residential real estate projects.
There was not a single social housing project in Ho Chi Minh City this year, and with support funds for them being limited, there is a fear the situation could continue, experts said.
Investment in condotels remains appealing despite defaults in profit commitments by property developers, but a clear legal framework is needed to protect investors’ rights, according to experts.
Real estate enterprises in Ho Chi Minh City are waiting for new measures to help them deal with difficulties related to policies and credit so as to grow more stably and sustainably.
The Ministry of Construction has recently requested the Departments of Construction in cities and provinces to urge enterprises in the real estate sector to report suspicious transactions and cash transactions worth 300 million VND (13,000 USD) and above.
Ho Chi Minh City’s realty sector experienced a hazy first half of the year, with dwindling supply of both high-end and pocket-sized apartments, according to insiders.
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