Wednesday, May 27 2020

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COVID-19 pandemic threatens property brokers with unemployment

Update: March, 21/2020 - 08:48

 

 

The COVID-19 pandemic has become a new challenge for property brokers who have been facing many since last year due to the low supply in the market. Photo Internet

 

 

HCM CITY — The COVID-19 pandemic has become a new challenge for property brokers who have been facing many since last year due to the low supply in the market.

Lê Thị Hồng Thắm, a broker in HCM City’s District 7, posted an image of a beggar on her Facebook page and said soon she would become like that.

A broker for many years, she told Việt Nam News the situation is very difficult for her and others.

“In recent days there have been no transactions, not even lease contracts. I cannot find any clients.”

Since the beginning of this year she has managed only one transaction. 

“A client asked me to sell over 10 shops in formerly-bustling Bùi Viện Street in District 1 of HCM City. In the past this would have been a very good deal, but now it is not. I posted the information over 10 days ago, but no one is interested.” 

In Hà Nội too there is a similar  situation.

A broker in Cầu Giấy District with nearly 10 years’ experience said he had never ever seen a difficult period like now.

The market has been in a slump since the middle of last year and worsened in the last three months, and his company has not carried out any transaction, he told Đầu Tư Bất Động Sản (Property Investment) magazine.

To earn a living, he moonlights as a Grab car driver, he said, adding if the situation persists, he would have to sell his car.

A report from the Việt Nam Real-Estate Brokers Association said many brokerages closed last year due to low supply.

In addition to the low supply, the new Decree 100 and the Law on Alcohol Harm Prevention have also had a huge impact because few people are looking for places to open restaurants with many existing ones in fact wanting to shut even before the lease contract ends.

This year would be another challenging one with the pandemic worsening the situation.

Nguyễn Văn Đính, deputy chairman of the association, said the problems related to licensing property developments had not been resolved and even less money than last year would flow in.

But professional and renowned brokerages could still do well, he added. — VNS

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