Nguyen Thu Thao in Go Vap district, HCM City, complained that there are not many projects now.

Thao said she deposited VND5 billion at banks for the last two months as she still cannot find attractive real estate products. She doesn’t intend to invest in gold and dollars because she believes that real estate is the safest and most profitable investment channel.

“I prefer mid-end apartments. However, I have not found suitable projects since 2019 to invest in,” she complained.

According to Thao, as the supply has become short, realtors have raised the selling prices. In many cases, the selling prices are very high, far beyond the real value of the products.

Commercial assets, hotels, housing projects, and industrial real estate have all been affected. Local newspapers reported that property owners have to reduce rent by 20-40 percent to attract new tenants.

Investors are struggling to find real estate products as the supply is decreasing and other investment channels are no longer attractive.

Trung, an investor in district 12, said as commercial banks have slashed interest rates, he withdrew money from banks to inject into property projects. However, he still cannot find suitable properties.

Trung said that the short supply of apartments, legal problems and Covid-19 have caused problems for resort real estate.

However, they are still spending money on land, the prices of which are staying high. But here are not many products for sale.

According to Nguyen Quang Minh, CEO of Hung Vuong Land, some market segments still can attract investors.

Products with reasonable prices, advantageous positions and clear legal status still have high liquidity.

Minh affirmed that land products priced at VND300-500 million per plot are the most attractive.

“Many people buy these products for accommodation or hoarding, because they fit investors’ pockets,” he explained.

“The epidemic has made the real estate prices go down. This is an opportunity for daring investors or young families that want to buy, ” he said.

Duong Thuy Dung from CBRE Vietnam said the government of Vietnam is taking actions to help remove difficulties for projects.

The HCM City authorities recently announced some projects that meet requirements to sell in 2020.

However, in the medium term, the market is not likely to see as many products on sale, the diversity of housing products, and the same selling prices as seen in the 2017-2018 period.

Thanh Lich 

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