The real estate market in HCMC and neighboring provinces gradually enjoy new trades after a long nearly freezing period. This positive sign is thanks to a series of policies to address current issues for this market.
A representative of the Department of Natural Resources and Environment of Ho Chi Minh City, on October 4, reported to the Urban Board of the People's Council of HCMC that the department had coordinated with districts to submit to the municipal People's Committee to cancel 169 projects which have not been carried out yet after more than three years of registration of the land-use plans.
Recently, the State Bank of Vietnam (SBV) has sent a strong message, asking commercial banks to strictly control credit into the real estate sector in the context that the market shows signs of hot growth. This move leads to concerns that the real estate market will face difficulties in the near future.
There has been a serious decline in the real estate market in Ho Chi Minh City in the last few years. Demand has fallen a great deal, with many real estate businesses looking at projects “offshore”.
The Department of Construction of Ho Chi Minh City has just submitted a proposal to the municipal People's Committee asking for direction and consideration to solve problems in construction investment procedures for housing projects in 2022.
Reviewing the real estate market last year, the Covid-19 pandemic obviously had certain impacts, but the larger factor was the law. It shows that many risks still exist in the market, which needs tackling soon to enter the new year, with the hope of higher development efficiency.
Housing projects for residential and touristic use are growing at a breakneck speed, not only in HCMC and its outskirts but even in more remote districts. Nevertheless, whether this movement is actually profitable or harmful to the economy is open to question.
Deputy chairman of HCMC People’s Committee Vo Van Hoan yesterday presided over a meeting with the Departments of Construction, Planning and Investment, Natural Resources and Environment and HCMC Real Estate Association to listen to problems in solving procedures relating to housing projects for businesses.
HCMC must be resolute in not licensing new housing projects in the center area and seriously abide by the 930 hectare downtown plan to reduce traffic pressure in the area, said HCMC People’s Committee Office chief Vo Van Hoan at a press conference yesterday.
Currently in HCMC many high class and common housing projects have been opened for sale without licenses by authorized agencies. City leaders said that is an illegal way of capital mobilization and they will rectify the violation.
