Roadblocks related to credit accessibility, legal procedures, and demand-supply factor must be removed to bolster the recovery of the real estate market, experts said at a forum held in Ho Chi Minh City on May 29.
Experts say the key to revitalizing the real estate market lies in the swift refinement of the legal framework, specifically through the issuance of detailed guidelines for laws, particularly the Land Law and the Real Estate Business Law.
Some 2.87 billion USD in foreign direct investment (FDI) was registered in the Vietnamese property market during January-November, a year-on-year fall of 31.4%.
Prime Minister Pham Minh Chinh has just signed a document requesting more efforts to remove obstacles to the real estate market and promote its development.
Vietnam’s realty market, in addition to the manufacturing sector, has been attracting significant FDI from the Republic of Korean in recent years, according to a survey by real estate consultancy Savills Vietnam.
Many banks have recently offered to sell mortgaged assets, mainly real estate, worth billions of VND, to recover debts amid the recovery of the realty market.
More and more realty firms are using digital platforms to sell their products, driven by the Government's encouragement to develop local digital technology firms amid the COVID-19 pandemic.
The realty market in eastern Hanoi is forecast to grow stronger than ever with important transport projects worth billions of dollars being built in the second half of the year.
Singapore, the Republic of Korea, Malaysia, Japan and Hong Kong (China) are the largest real estate owners in Vietnam so far, according to a survey recently announced by the CBRE Vietnam.
Vice Chairman of the HCM City People’s Committee Le Van Khoa asked relevant departments to improve management and take measures to tackle factors that could create the conditions for a property market bubble.
