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Property

Majority of Vietnamese plan to buy property this year: survey

January 16, 2023 by e.vnexpress.net

The Property Investment Sentiment Dndex dropped from 47 points in early 2022 to 36 points this year, as respondents believe that the current loan rates at banks are "unreasonably high," according to the Consumer Sentiment Study released recently by property listing platform Batdongsan.com.vn . Still, 80% of respondents believe property prices will increase within the next five years, and one in five said the increase could be over 10%, according to the study, which polled 1,000 people who are interested in the property market nationwide. The more property a person owns, the more he or she wants to buy, the survey found. The survey found that 79% of those who own two properties plan to buy more this year, and for those who own three properties the rate is 87%. Six out of 10 respondents say they plan to buy properties as an investment. Among households with a combined monthly income of less than VND40 million, 46% are willing to spend 40-60% of their income on a … [Read more...] about Majority of Vietnamese plan to buy property this year: survey

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Debt buries farmers trying to flip property in frozen market

January 30, 2023 by e.vnexpress.net

Like so many others in Lam Dong Province and other rural areas of southern Vietnam, Toan saw the value of his agricultural land skyrocket in 2020-2021. He took it as an opportunity to start flipping properties for profit. But the market froze last year and short-term loans at high interest rates have now sunk him and many other farmers-turned-inexperienced-traders in impossible debt instead. The veteran coffee grower sold his land 7 km from the center of Di Linh District for several billions of dong in profit during a property price bubble in 2021. He then took out short-term, high-interest loans and used them plus money he made from his land sale to by several more plots he planned to resell for profit in what he thought would be at most 1-2 months. He said he thought he’d be able to sell some of the land back in even just a couple of weeks. But the properties still haven’t sold. In early 2022, Toan poured another VND15 billion ($635,600), including VND6 billion from another … [Read more...] about Debt buries farmers trying to flip property in frozen market

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Should you invest in property or save your money this year?

January 30, 2023 by e.vnexpress.net

Phan Cong Chanh, CEO of developer Phu Vinh Group, said the real estate market will pose more risks than opportunities for investors in 2023, adding that would-be investors should save their money instead of spending it. According to Chanh, in the long term the market will benefit from rosy economic growth prospects, better legal frameworks and improved stock markets, especially the corporate bond market, But he said this would be gradual recovery that wouldn’t flourish to its full potential until 2-4 years from now. The Central Institute for Economic Management put forth two economic growth scenarios for this year. Accordingly, GDP growth will either stand at 6.47%, inflation at 4.08%, export growth at 7.21% and trade balance at $5.64 billion, or at 6.83%, 3.69%, 8.43% and $8.15 billion, respectively. With the draft amendments to the Land Law submitted to the National Assembly for potential approval in October, and amendments to other related laws such as the Law on Real Estate … [Read more...] about Should you invest in property or save your money this year?

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Property developers tighten their belts amid frozen market

February 1, 2023 by e.vnexpress.net

A VnExpress survey of 10 property developers in Ho Chi Minh City and other southern localities showed that more than 70% of businesses were taking a more cautious approach to their business plans this year. The deputy general director of a real estate company developing high-end homes in HCMC’s Thu Duc City revealed that this year his firm would reduce investment capital by 30-50%, and slow down project construction progress to avoid cash flow pressure and save resources for the next 12 months. "In 2023, just overcoming difficulties is reaching the target," he said. "Growth and breakthrough will be tasks for the 2024-2025 period." Similarly, the chairman of a property firm in Ho Chi Minh City’s District 3 said that over the next 12 months his company would lower spending, downsize personnel, restructure products, and increase its risk fund. Instead of developing properties with an average price of some VND3 billion ($127,000) per unit as the enterprise has been doing for the … [Read more...] about Property developers tighten their belts amid frozen market

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A great chance to invest in commercial property

January 25, 2023 by vir.com.vn

Recent lending restrictions, investor outflow from corporate bonds, and increasing interest rates have made the residential real estate market less liquid. However, the commercial real estate market is still seen as having substantial growth potential. Vietnam's commercial property sector offers a great deal of promise since supply is restricted and demand is rising rapidly. Photo: L.T According to a recent analysis by Cushman & Wakefield Vietnam, Vietnam's commercial real estate sector is still fairly young and mostly centred on Ho Chi Minh City and Hanoi. Vietnam ranks 15 th in the world in terms of population (with almost 100 million people), and its urbanisation rate exceeds 40 per cent. Along with this, every year, a large number of migrants – particularly young people – arrive in major cities. Meanwhile, only roughly 820,000 square metres of Class A office space is available in Ho Chi Minh City and Hanoi combined. This is much less than regional office … [Read more...] about A great chance to invest in commercial property

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PM calls for fixing property market ills

February 3, 2023 by e.vnexpress.net

The property market and corporate lending are key issues that need to be addressed, and the Cabinet has scheduled a meeting of ministers this month to resolve current issues, he told a meeting Thursday. The property market accounts for around 11% of GDP and has a close relationship with many industries that create a large number of jobs. But since last year it has been facing difficulties due to tightened credit, excessive supply and lack of transparency. Many projects have been suspended due to a cash shortage. Chinh warned the economy faces risks this year with exports seeming to slow down while the industrial production index in January declined by 8% year-on-year. It is difficult to attract foreign investment, while recovery programs have been delayed, he said. He called on the Ministry of Finance to quickly complete a bill that will amend regulation of bond issuances, both domestically and internationally. Work on large public projects needs to be accelerated to … [Read more...] about PM calls for fixing property market ills

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Viet Nam retail real estate market expects growth in 2023

January 20, 2023 by bizhub.vn

In 2022, the retail market in general and townhouses in particular recovered with a better occupancy rate, but the recovery has not reached the level of the pre-COVID-19 period. — Photo tapchixaydung.vn The retail space market has the opportunity to grow strongly in 2023 with the forecast of the recovery of the retail industry, especially with new investment of foreign brands in Viet Nam. Many retail brands are looking at Viet Nam because the economy is strong, and they see the potential. Brands are diverse and range from luxury to mid-market brands, said Nick Bradstreet, head of Asia Pacific Retail, Savills. For example, Lotte is completing a new project, and it is expected to welcome international brands. "The challenge Viet Nam is facing is that there are not enough shopping centres being built to meet the demand from international retailers," he said. Viet Nam’s economy is growing quickly, which creates an attractive retail outlook. By 2025, Viet Nam will be the third … [Read more...] about Viet Nam retail real estate market expects growth in 2023

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HCMC townhouse, villa transactions fall to lowest in 5 years

January 23, 2023 by e.vnexpress.net

They were down 70% from the third quarter and 48% year-on-year. Housing market report of real estate consultancy Savills Vietnam said the primary supply of townhouses and villas last year was more than 1,600 units, half them priced at over VND30 billion (US$1.27 million). As recently as in 2018 they accounted for only 7%. But with the high-priced segment dominating supply and affordable properties being in short supply, and the tight credit policy acting as a dampener for developers and investors, liquidity dropped sharply, Savills explained. The CEO of a company that distributes townhouses confirmed this. Townhouses and villas in HCMC and the neighboring province of Dong Nai dominated supply with prices ranging from tens of billions to hundreds of billions of dong. In the third and fourth quarters, with demand slumping, many sellers in the two places offered discounts of 20-50%, but still found few buyers. Property consultancy DKRA Vietnam’s data showed absorption rate … [Read more...] about HCMC townhouse, villa transactions fall to lowest in 5 years

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Real estate market to remain mired in difficulties in H1: industry

January 27, 2023 by e.vnexpress.net

Tran Khanh Quang, CEO of developer Viet An Hoa, said by the end of the second quarter companies would settle problems such as big inventories and sluggish cash flows. From the third quarter onwards the market would gradually recover, provided bank loan interest rates remain steady at 10-12%. The decrease in prices could then slow down. This scenario was 50% likely, but in a more optimistic one the market would quickly recover starting at the end of the first quarter though the likelihood was only 20%. In the former case, prices in prime locations in HCMC would plateau but continue to drop in the suburbs, with few transactions taking made. Prices would decrease by 5-7% in the city’s three neighboring provinces of Long An, Binh Duong and Dong Nai, 10-15% in Ba Ria- Vung Tau and 15-20% in more distant provinces such as Tay Ninh, Binh Phuoc and Dak Nong. Large real estate companies were trying to fix cash flow bottlenecks by extending debts, selling part of their projects, … [Read more...] about Real estate market to remain mired in difficulties in H1: industry

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Experts call for favourable policies to help real estate

January 16, 2023 by bizhub.vn

Apartment blocks in Ha Noi. Experts are concerned that affordable housing has been declined steadily in recent years. — VNA/VNS Photo Danh Lam The government has taken timely measures to support the realty market during tough times, according to Vuong Duy Dung, deputy director of the Housing and Real Estate Market Management Agency. Dung was speaking at the workshop 'Measures to ease the difficulties facing the realty market and the market outlook in 2023' on January 13. The deputy director said the Prime Minister had issued various legal documents to lift the market out of difficulties, including Decision No.1435 and Official Dispatch No.1164. Under the decision, a team led by the Ministry of Construction has been established to report on obstacles holding back local realty projects. In two weeks, the team has travelled across five provinces and met 30 realty firms to take stock of their situation. After the team reported to the Prime Minister on the local situation, the … [Read more...] about Experts call for favourable policies to help real estate

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