Since May, the outlook for the city’s housing sector has brightened due to three interest rate cuts by the central bank and policy responses from the Government, according to the Vietnam News Agency.

Vo Thi Khanh Trang, deputy head of Savills Vietnam’s research department, said that the Government has made efforts to address the challenges faced by HCMC’s real estate sector.

In the first quarter of 2023, several regulatory frameworks and directions were implemented, providing significant support to the city in dealing with issues like long-delayed housing projects across the city.

The HCMC Department of Natural Resources and Environment has planned to expedite the issuance of land use right certificates for specific projects, making it easier for over 81,000 homebuyers who have properties developed by large enterprises such as Novaland, Hung Thinh Land and Vinhomes.

Measures like reducing administrative obstacles and facilitating capital mobilization have played essential roles in providing momentum for the market’s recovery.

Nguyen Huu The Trach, a member of the HCMC Bar Association, said that the State Bank of Vietnam’s monetary policy loosening would relieve loan maturity pressures and stimulate public investment projects.

However, experts expressed concern that significant rebounds in the real estate sector are unlikely by the end of this year, as challenges posed by weak consumer demand persist.

Source: Saigon Times