Domestic property market faces uncertainty

HÀ NỘI — The Vietnam domestic real estate market is hoped to have growth in the fourth quarter of this year and before the Lunar New Year 2021 if, by this year-end, the domestic economy is restored to levels from before the COVID-19 pandemic.

According to the Việt Nam Association of Real Estate Brokers, the property market will adjust soon and investors will have to calculate carefully and distribute capital more appropriately.

At present, land plots are still the first choice of investors in the localities developing property market. Small-sized land plots would be very attractive products, according to the association.

Property experts said the available land areas for investment in big cities like Hà Nội and HCM City had reduced so real estate businesses continue to seek land in other provinces and cities, especially localities with advantages in the development of tourism and the economy.

Many property developers choose provinces to build new urban areas because of favourable bidding procedures and shorter investment cycles than urban projects in big cities.

In the next few years, this trend would develop in many provinces such as Bình Phước, Long An, Bình Dương, Đồng Nai, Bà Rịa-Vũng Tàu and Bình Thuận, according to experts.