The local real-estate market has been signalling a recovery this year, according to experts.
Construction Minister Trinh Dinh Dung claimed confidence in the localreal estate market is on the rise because more people are consideringapartments and small housing units, culminating in an increase insuccessful property transactions, reported Dau tu (Investment)newspaper.
The structure of property products has changedand the prices of these dropped, warming up the market since the end of2013, Dung said. Therefore, the total value of property productsnationwide at the end of 2013 dropped by 26.5 percent to 94.5 trillionVND (4.5 billion USD) against the first quarter of the year.
Luong Tri Thin, Chairman and General Director of Green Land Group, toldDau tu Bat dong san newspaper that the market would benefit greatly inpromoting signs of recovery, including a recovery in money supply andloans from banks to property buyers and investors.
He noted thatthis year, the market will continue to face challenges, but difficultiesexperienced by the local property market will reduce by 60-70 percentcompared with 2013, which was a very difficult year for the localproperty market.
Le Chi Hieu, Chairman of Thu Duc HouseDevelopment Company (TDH), pointed out that opportunities in the localmarket in the coming months will focus on sales of small apartments withall facilities included because this segment sees high demand and lowsupply.
However, Minister Dung stated that there are manychallenges affecting the market, so the ministry will work closely withthe relevant ministries and sectors as well as the authorities of citiesand provinces to resolve any difficulties faced by the market and toincrease the efficiency of state property market management policies.
In the near future, the state will continue applying policies andoffering support packages for enterprises and the local property market,such as reductions in corporate income for enterprises, ceilinginterest rates for short-term loans, and value-added tax for commercialapartments with a total floor area of less than 70 square metres and aselling price of 15 million VND (714.3 USD) per square metre.
Hesaid the ministry will propose more favourable conditions for foreignersbuying houses and apartments in Vietnam to attract more customers tothe local property market.
The ministry's statistics showed thatsuccessful transactions of smaller apartments in the second half of 2013had doubled when compared with the first half of the year.
InHanoi, an estimated 6,450 real estate transactions were conducted, abouthalf of which were conducted during the fourth quarter of last year.
Transactions in Ho Chi Minh City numbered 9,360, with nearly 70 percent of them seen in the second half of the year.
Regarding the real estate inventory, the ministry explained that morethan 20,000 apartment units remained unsold in Hanoi and Ho Chi MinhCity, presenting a loss of 24 trillion VND (1.14 billion USD). The landinventory was estimated to be worth 34.89 trillion VND (1.67 billionUSD).-VNA
Construction Minister Trinh Dinh Dung claimed confidence in the localreal estate market is on the rise because more people are consideringapartments and small housing units, culminating in an increase insuccessful property transactions, reported Dau tu (Investment)newspaper.
The structure of property products has changedand the prices of these dropped, warming up the market since the end of2013, Dung said. Therefore, the total value of property productsnationwide at the end of 2013 dropped by 26.5 percent to 94.5 trillionVND (4.5 billion USD) against the first quarter of the year.
Luong Tri Thin, Chairman and General Director of Green Land Group, toldDau tu Bat dong san newspaper that the market would benefit greatly inpromoting signs of recovery, including a recovery in money supply andloans from banks to property buyers and investors.
He noted thatthis year, the market will continue to face challenges, but difficultiesexperienced by the local property market will reduce by 60-70 percentcompared with 2013, which was a very difficult year for the localproperty market.
Le Chi Hieu, Chairman of Thu Duc HouseDevelopment Company (TDH), pointed out that opportunities in the localmarket in the coming months will focus on sales of small apartments withall facilities included because this segment sees high demand and lowsupply.
However, Minister Dung stated that there are manychallenges affecting the market, so the ministry will work closely withthe relevant ministries and sectors as well as the authorities of citiesand provinces to resolve any difficulties faced by the market and toincrease the efficiency of state property market management policies.
In the near future, the state will continue applying policies andoffering support packages for enterprises and the local property market,such as reductions in corporate income for enterprises, ceilinginterest rates for short-term loans, and value-added tax for commercialapartments with a total floor area of less than 70 square metres and aselling price of 15 million VND (714.3 USD) per square metre.
Hesaid the ministry will propose more favourable conditions for foreignersbuying houses and apartments in Vietnam to attract more customers tothe local property market.
The ministry's statistics showed thatsuccessful transactions of smaller apartments in the second half of 2013had doubled when compared with the first half of the year.
InHanoi, an estimated 6,450 real estate transactions were conducted, abouthalf of which were conducted during the fourth quarter of last year.
Transactions in Ho Chi Minh City numbered 9,360, with nearly 70 percent of them seen in the second half of the year.
Regarding the real estate inventory, the ministry explained that morethan 20,000 apartment units remained unsold in Hanoi and Ho Chi MinhCity, presenting a loss of 24 trillion VND (1.14 billion USD). The landinventory was estimated to be worth 34.89 trillion VND (1.67 billionUSD).-VNA
