The real estate market is facing difficulties because of both Covid-19 and legal problems. Businesses with powerful financial capability are now hunting for land and projects, reported Doanh Nhan Sai Gon.

As bank deposit interest rates are on the decrease and gold is becoming more and more expensive, idle money is expected to flow into the real estate market.

The Ministry of Public Security (MPS) does not want condotels converted into houses and does not want to grant ‘red books’ (land-use right certificates) to all apartments.

The advantages of one real estate firm over others will lie in its land holdings.

The real estate market has not recovered well after COVID-19, but property firms are now in a position to buy land plots at reasonable prices.

There are many listed real estate firms with capitalization value of up to trillions or hundreds of trillions of dong.

The Ministry of Construction (MOC) has proposed offering preferences to real estate firms that develop low-cost housing with the selling price of no more than VND20 million per square meter.

Real estate firms have had to struggle to survive during the COVID-19 pandemic, which has caused the loss of trillions of dong and job losses to 75-80 percent of workers in the field.

Under the draft law, financial incentives would be given in three fields – corporate income tax, import/export tax; finance and land; and accelerated depreciation.

The State of Vietnam will employ policies to encourage the development of cheap commercial houses to remove difficulties for the real estate market and enterprises due to the COVID-19 pandemic.

The luxury resort real estate business is expected to continue sliding in the coming months because the number of foreign travelers to Vietnam has yet to recover.

New policies are expected to accelerate the recovery of the real estate market and lay a firm foundation for the market’s long-term development.

With the number of foreign travelers decreasing sharply and legal problems remaining unsettled, the condotel market is the 'darkest' part of the real estate market.

Foreign direct investment (FDI), which will help the economy recover after Covid-19, is also a driving force for the recovery of the real estate market.

Realtors have been trying to sell products online and through mobile apps.

 Property firms are gearing up to tap opportunities from the post-pandemic recovery of the real estate market, which was predicted to soon get back on its feet.

With purchasing power dropping dramatically and liquidity becoming alarminging weak, the real estate market is witnessing a repeat of the 2011-2013 crisis.

Commercial banks are rushing to sell immovable properties which are collateral for unpaid debts. But finding buyers has been difficult.

The epidemic has brought great opportunities to businesses with powerful financial capability to ‘hunt’ for attractive projects and take them over.

The Ministry of Construction (MOC) said though the epidemic has affected the real estate market, causing a decline in supply and the number of transactions, real estate prices in some localities are still on the rise.