In the latest conference reviewing the changes in Vietnam real estate market in the first quarter and predictions for the second quarter, economist Vo Tri Thanh said that the first quarter is very important to investors and policymakers.
During the first months of the year, though there used to be some feelings that the external environment was not supporting to the internal economic growth, the first quarter GDP still reached 6.8%. The condition of the real estate market currently is not as worrying as 2,3 months ago.
But Vo predicted that the real estate market condition would still be calm for many reasons: circle, the reassessment of the political social matters and external risks. Vo pointed out that: “The real estate market seems to be in the wait-and-see mode. At the same time, there is stronger interest in industrial real estate. Foreign investors often have farther and long term visions while domestic investors are more interested in short term investment”.
Vo questioned about why there has been land frenzy despite warnings from the authorities. Recently there have been land frenzy in many localities like Ho Chi Minh city, Phu Quoc, Van Don. Herd pyschology is very popular.
Nguyen Manh Khoi, Deputy Director General of Housing and Real Estate Agency in Ministry of Construction said that there are two kinds of lands that get investors’ interests. Firstly, investors care about getting involved into the highly appreciated land projects. They shift from aparments to lands because lands can bring in better profits and safer.
Secondly, investors are interested in the areas that have the potential to develop like the urban development projects. In this kind of land, land frenzy has the origins from the authorities and the intermediaries. Those intermediaries often try to push up land prices then herd psychology. This has been happening in many localities like Phu Quoc, Van Don.
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