HCM City’s real estate market to look up this year: experts
Surging demand, the resolution of legal hurdles and the gradual containment of the COVID-19 pandemic make the real estate industry sanguine about 2021.
Legal bottlenecks will be removed this year, the real estate industry believes. (Photo: VNA)
HCMCity (VNS/VNA) - Surging demand, the resolution of legal hurdles andthe gradual containment of the COVID-19 pandemic make the real estate industrysanguine about 2021.
TheVietnam Real Estate Brokerage Association assured that legal bottlenecks facedby property projects would continue to be resolved, and apartment supply wouldincrease sharply from 2020.
SuNgoc Khuong, a senior executive at Savills Vietnam, said the pandemic hadweakened demand and frozen the market in early 2020.
TheGovernment had since taken a number of measures to address the difficulties,including promulgation of legal regulations for condotels, he said.
In2021, it would be set to remove difficulties faced by the market byamending the Land Law, Construction Law and Investment Law.
Itplanned to carry out further administrative reforms and issue policies toselect potential investors in accordance with the Investment Law and regulations for bidding procedureswith priority given to large urban projects that use smart technology.
Itwould make public land-use plans along with a price framework that is close tomarket prices, and put in place regulations for electronic land buying andselling transactions.
StrongerFDI inflows would provide an impetus to the market this year, Khuong said.
Theassociation said projects that hadproblems relating to laws would continue to solve the issues, and so apartmentsupply would increase sharply this year.
InHo Chi Minh City alone some 20 projects in all segments were expected to belaunched in the first half of 2021 with 30,000 units.
Theassociation said since the economy would grow this year, demand for housingwould recover.
Theapartment segment was expectedto account for a large proportion of the Hanoi and HCM City housing markets,with 90,000-100,000 two-bedroom apartmentsexpected to be traded in those markets.
Realestate prices were expected to increase by 10 per cent this year, said NguyenVan Dinh, deputy general secretary of the Vietnam Real Estate Association./.
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Legal bottlenecks will be removed this year, the real estate industry believes. (Photo: VNA) 
