- 2012elections - 9/11 Special Coverage - aca - africanamericanalzheimers - aids - Alabama News Network - american - Awards & Expo - bees - bilingual - border - californiaeducation - Caribbean - cir - citizenship - climatechange - collgeinmiami - community - democrats - ecotourism - Elders - Election 2012 - elections2012 - escuelas - Ethnic Media in the News - Ethnicities - Events - Eye on Egypt - Fellowships - food - Foreclosures - Growing Up Poor in the Bay Area - Health Care Reform - healthyhungerfreekids - howtodie - humiliating - immigrants - Inside the Shadow Economy - kimjongun - Latin America - Law & Justice - Living - Media - memphismediaroundtable - Multimedia - NAM en Espaol - Politics & Governance - Religion - Richmond Pulse - Science & Technology - Sports - The Movement to Expand Health Care Access - Video - Voter Suppression - War & Conflict - 攔截盤查政策 - Top Stories - Immigration - Health - Economy - Education - Environment - Ethnic Media Headlines - International Affairs - NAM en Español - Occupy Protests - Youth Culture - Collaborative Reporting

Vietnam's Real Estate Market Feels Crisis

Nguoi-Viet.com, Posted: Jan 07, 2009

The Vietnamese real estate market could remain in limbo next year because of the global economic slowdown, property industry executives and other experts said at a recent conference here.

Vo Dang, the former deputy minister of natural resources, said property prices could continue to fall if there are no measures to attract more capital into the industry.

"It will be difficult for the market to recover in the coming year."

The need to repay bank loans would see developers cutting prices, he said, adding that many of them were unable to sell their units after the market began to plummet in the second quarter.

Prices in large cities have fallen 40 to 60 percent since early this year. The number of property transactions too has fallen dramatically, by 80 to 90 percent compared to last year.

The fact that banks are set to auction off foreclosed properties also would increase supply in the market, further eroding prices, Dang told the conference on Friday.

Bank interest rates are still high and unprofitable for investors to borrow money to invest in real estate, delegates said. The peak rate is more than 11 percent compared to just 5 percent or less in many other countries.

Foreign investors also would stay away due to the global financial turmoil, Dang said. Others added that this means the housing market, especially the luxury segment, is unlikely to recover in 2009.

Page 1 of 1




Just Posted

NAM Coverage