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Property market strikes positive year-end note

Update: December, 14/2013 - 09:30
HA NOI (VNS)– As the year draws to a close, the local property market is looking bright and busy as it realigns its offers for investors and gets ready for some stellar growth over the season.

Investors who have always viewed the purchase of property as a profitable, long -term investment channel, are now faced with a wide range of choices opening up before them, said Vu Cuong Quyet, General Director of the Dat Xanh Real Estate and Service JSC.

Quyet added that remittances from overseas would pour into the country at this time of the year and this would help stimulate local investments, especially investments in the property market.

The price of property projects has dropped drastically to price levels that buyers will inevitably find irresistible. Since property developers are running against time to sell their projects and to expedite sales, they are presenting several promotional programmes, such as offering lower price points, long-term payment schedules and simpler buying conditions.

These incentives will attract buyers, despite the current frozen property market.

Quyet said that the macro economy had also drastically improved and the financial market had seen many good movements, as bank interest rates fell sharply and loan conditions became simpler.

Viet Nam's economic development is looking more promising and positive over next year. Therefore, it is the right time and a good opportunity for people to invest, especially those who have a real need for housing.

Agreeing with this point of view, Chris Brown, general director of Cushman&Wakefield, predicted that if inflation was kept stable, 2014 would be a ‘prospect' year for Viet Nam's real estate market and market confidence would recover soon, too.

This was reported in the Business Forum on-line newspaper.

According to Dr Le Xuan Nghia, an analyst, 2014 would be a year of recovery for the real estate market. The property market could see a rapid increase in liquidity, starting from the Q3 and growing stronger in Q4.

However, because of the huge debts involved in real estate projects, this market could either recover firmly next year, or become slower for the high-end market segments.

Unlike the quiet atmosphere and grim outlook of the previous month, the local housing market is now boisterous again due to the many offers from property developers. — VNS

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