Although Vietnam has controlled well, the COVID-19 epidemic is complicatedly developing in countries around the world. This will greatly affect the economy as well as the real estate market in Vietnam today.
How is the real estate market in Vietnam today?
In 2020, although the real estate market has risks of deceleration, in general, with the positive factors of the macroeconomy, basically this market still has a stable development.
The real estate market in the first months of 2020 has to face numerous difficulties and challenges. While the legal policies have not been removed, the Covid-19 pandemic once pushed the market into a “more difficult and more difficult” situation. As noted, most real estate businesses are clearly affected, crowded events such as advertising, marketing (PR), sales are canceled …
Some real estate businesses have changed their business plans, applying technology effectively in their business strategies such as:
✓ Deploy sales apps
✓ Using post with video scanning, 3D scanning
✓ Broker livestream to introduce products to customers to support buyers.
Vietnam’s real estate market in 2020 is fluctuating
The real estate market is in a gradual decline but has not yet touched the falling point, there are still many bright spots to expect the market to recover if the epidemic is soon completely controlled.
Promote the application of technology and investment in real estate: By applying technology, customers can know information about the project, visit the Apha Housing apartment and Rentapartment Agency through virtual reality with just a smartphone, and at the same time help customers to save time, create flexibility, take initiative for customers and limit moving with large numbers of people during the season. This is what drives online transactions in real estate.
How does translation covid-19 affect Vietnamese real estate?
The Covid-19 translation has risen again, having severely affected the progress of ongoing projects. This is a very big challenge because if the investor has a project that is being implemented according to progress, it still has to pay the contractor. If the cash flow is slowed down due to the interruption of payment by customers, it will be very difficult for investors.
This situation has not been resolved, by the beginning of 2020, the coming of Covid-19 epidemic has caused an unprecedented decline in transactions on the market.
Statistics show that, in the first quarter of 2020, new supply and consumption are the lowest since 2015 up to now; about 800 /1,000 exchanges across the country suspended operations; A series of real estate brokers lost their jobs …
Businesses have more difficulty in cash flow if the sale is delayed or the market demand plummets.
The Covid-19 translation has clearly affected the real estate market
To overcome the above difficulties, from the beginning of 2020 up to now, many solutions have been proposed. On-going social housing projects with capital problems will work with the State Bank to find solutions to support loans.
The State will regulate by increasing incentives for businesses participating in the segment of low-priced commercial apartments with an area of less than 75 square meters, and the price of less than 20 million dong / m2. It is expected that in the third quarter of 2020, a draft resolution will be submitted to the Government. If this resolution comes out, it will help the market develop stably and harmoniously.
On the business side: Change the payment schedule according to contractual obligations with customers. This is also the solution of many real estate developers seeking to share difficulties with customers. Thus, businesses have accepted to reduce profits to keep the level of housing prices stable after the Covid-19 epidemic.