Covid-19 caused both supply and demand of real estate to be interrupted for the first months of 2020. Especially when the country entered the period of social distancing, all centralized transaction and trading activities become nearly stagnated, in which the resort real estate was most damaged when tourism sector was frozen.
Under the effect of Covid-19 "storm", the market is still facing existing challenges such as tightening real estate credit, tightening construction investment licensing procedures, high-end goods inventory but the supply of affordable houses is lacking ... The "double” effect caused a series of difficult problems for both businesses and buyers for residence and investors.
Possessing a portfolio of 100 projects with a land arrea of over 4,500 ha, Hung Thinh Corporation doesn’t stand outside the general difficulties of the market, Mr. Nguyen Dinh Trung - Chairman of Hung Thinh Corporation shared with VnExpress how businesses went through these challenges and recommendations to help the market go through such a challenging stage.
The market in general is quite quiet, but each business has its own response, so the impact on each unit is also different. I think that the market sentiment is not as negative as we thought. First of all due to the time social gap of Vietnam is not too effective translation control, firstly, because the social distancing time is not so long and the epidemic control is very effective. The positive anti-epidemic situation is adding more optimism, encouragement and looking toward the future of the people. That partly helps the real estate market have a basis to believe in a recovery in the coming time.
According to some viewpoints, the real estate prices would be higher than before Covid-19. I do not think so. The incident is directly "hitting" the people's pocket. Buyers have less money than before. Therefore they will be more careful, their needs will mainly focus on the most essential, necessary and valuable items. And for real estate, they will also choose projects that have a real value with suitable prices of experienced investors and have control projects.