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Real estate market in difficulty

12:39 | 17/03/2020

(Construction) - The COVID-19 epidemic also had significant impacts on the real estate market, especially resort property and industrial property.

The Vietnam Real Estate Association witnessed considerable declines in both supply and transactions. More than 107,000 products were released into the market in 2019, equivalent to only 61.5 percent of 2018 with 72,000 transactions, equivalent to just 64.7 percent.

By the fact, the Vietnam Real Estate Association has proposed the Government develop measures with a focus on credit and tax support. Also, it called for improving the legal framework for new property products so as to aid the property market to overcome the difficulty.

The association outlined that the real estate market having signs of decline since the end of last year. The cause was by the lack of legal framework for the development of new property products. Additionally, the recent outbreak of the novel coronavirus (COVID-19) caused the situation worse. In fact, there were many real estate companies at risk.

The association proposed several measures to support the property market including rate cuts for loans in tourism property products like condotels and officetels; commercial banks should consider debt rescheduling and provide preferential loan packages for property companies.

The association proposed the Government to increase credit support for low-income earners in buying homes through the Vietnam Bank for Social Policies and commercial banks with State holdings.

By Khanh Phuong

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