The COVID-19 pandemic has caused a slowdown in the property market but many experts believe this is only temporary and are pinning their hopes on a rebound once the virus is under control.
The country’s apartment inventory was estimated at some 3,300 units by the end of the first quarter of the year, falling 5,700 units compared to the same period last year, according to the Ministry of Construction (MoC).
The skewed concentration of property projects in some areas of Ho Chi Minh City has resulted in an imbalance in the development of satellite cities and causes a strain on the transport system, a workshop heard in the city on April 16.
Vietnam’s real estate market recommenced its record run, with the industrial sector viewed as the star of the industry thanks to the country's success in combating COVID-19, said a story by Philip Heller published on Forbes earlier this week.
Strong construction activities in many different types of property and areas in Hanoi signal the strong recovery of the capital’s real estate market from this year onwards, according to CBRE Hanoi Branch Director Nguyen Hoai An.
Surging demand, the resolution of legal hurdles and the gradual containment of the COVID-19 pandemic make the real estate industry sanguine about 2021.
Standard Chartered Bank last week hosted an investment webinar entitled “Vietnam Investment Landscape 2021”, drawing the participation of clients based in Vietnam and overseas who are looking for investment opportunities in Vietnam.
While 2020 is believed to have changed the real estate industry, trends in the sector this year are forecast to sustain or be aligned with demand in the market.
The building materials market is forecast to be robust this year, with the demand fuelled by the increase in infrastructure development investment and the recovery of the property market, according to the Ministry of Construction.
The cement industry is forecast to see a significant increase in domestic sales in 2021, driven by investment in infrastructure, foreign direct investment inflow and the recovery of the real estate market. However, exports are set to slow down.
The real estate industry got badly hit by COVID-19 in the first three quarters of 2020 but bounced back by the end of 2020, giving hopes to the market in the coming time.
Experts gathered at a recent conference in HCM City to discuss measures to develop a transparent and sustainable property market in Vietnam in the next 10-15 years.
The real estate market saw some signs of recovery in the latter half of the second quarter and early and mid-July before the second wave of COVID-19 struck in late July. The changing situation has forced property companies to adjust their business plans.
While the real estate market was gradually recovering with positive signals from supply and successful transactions, the COVID-19 dealt a second blow, making it hard to forecast the market.
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.
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