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The Real Estate Market under Restructuring Process (29 February 2012 16:27)
Mr. Dang Hung Vo, Deputy Minister of Natural Resources and Environment affirmed that the real estate market is restructuring itself under the direction of the Government. This will make a new face for the market this year.
At the workshop, namely "what opportunities for real estate market in 2012" organized by Financial Media Company Vietnam in Ho Chi Minh City dated 25 February, Vo said that these are optimistic signs for a clean, professional real estate market with highly efficiency in the future.
Vietnam should face the gloomy real estate market in a positive manner. It can be said that the market is changing its look to be healthier, more energetic, more useful for the benefits of the majority of population who have home demand. In case of smooth circumstances, affordable housing segment will recover by the middle of this year, otherwise later this year.
Apartment segment, especially high-end apartments will see sharp reduction. On the other hand, housing prices gradually decline in the commercial housing projects and housing speculation is on decrease.
"Investors should proactively improve competitive advantages to enhance professionalism. Besides, people should change traditional mindset that savings into real estate is the safest and most profitable investment. This is also to robust investors' professionalism. Currently, the top concern is to multiply safely and effectively capital mobilization sources for the real estate market," said Vo.
According to Dr. Le Xuan Nghia, Deputy Chairman of the National Financial Supervisory Commission, bank loans and interest now play the key role for the property market. This affects supply and demand, capable of deciding the market trend. At present, capital can be mobilized from savings and foreign and local investors.