The COVID-19 pandemic has become a new challenge for property brokers who have been facing many since last year due to the low supply in the market. (Photo: Internet)
HCM City (VNS/VNA) - The COVID-19 pandemic hasbecome a new challenge for property brokers who have been facing many sincelast year due to the low supply in the market.
Le Thi Hong Tham, a broker in Ho Chi Minh City’s district 7,posted an image of a beggar on her Facebook page and said she would become likethat soon.
A broker for many years, she told Vietnam News the situationis very difficult for her and others.
“In recent days there have been no transactions, not evenlease contracts. I cannot find any clients.”
Since the beginning of this year she has managed only onetransaction.
“A client asked me to sell over 10 shops in formerly-bustlingBui Vien Street in District 1 of HCM City. In the past this would have been avery good deal, but now it is not. I posted the information over 10 days ago,but no one is interested.”
In Hanoi, there is a similar situation.
A broker in Cau Giay district with nearly 10 years’experience said he had never ever seen a difficult period like now.
The market has been in a slump since the middle of last yearand worsened in the last three months, and his company has not carried out anytransaction, he told Dau Tu Bat Dong San (Property Investment) magazine.
To earn a living, he moonlights as a Grab car driver, hesaid, adding if the situation persists, he would have to sell his car.
A report from the Vietnam Real-Estate Brokers Associationsaid many brokerages closed last year due to low supply.
In addition to the low supply, the new Decree 100 and the Lawon Alcohol Harm Prevention have also had a huge impact because few people arelooking for places to open restaurants with many existing ones in fact wantingto shut even before the lease contract ends.
This year would be another challenging one with the pandemicworsening the situation.
Nguyen Van Dinh, deputy chairman of the association, said theproblems related to licensing property developments had not been resolved andeven less money than last year would flow in.
But professional and renowned brokerages could still do well,he added. /.
Tenants across Vietnam are facing tough market conditions due to the heavy impact of the widely-spreading novel coronavirus disease (COVID-19), so some landlords are offering rent relief to help ease the pressure.
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.
Experts are optimistic about industrial property development prospects in Vietnam, given the country’s rapid integration and improving investment climate.
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.
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The COVID-19 pandemic has become a new challenge for property brokers who have been facing many since last year due to the low supply in the market. (Photo: Internet) 
