If prices in the real estate market increase by more than 20% for three months, ministries and branches managing the property market have to propose measures to regulate the market.
Prime Minister Pham Minh Chinh on December 17 issued an official dispatch asking relevant ministries, agencies and local authorities to take drastic solutions to ensure the safe, healthy and sustainable development of the property market.
Despite the Government’s efforts to address them, the challenges for the property market will continue until the end of next year, experts have warned.
Continuous interest rate cuts and support policies are gradually proving effective, helping ease difficulties facing the real estate market, experts have said.
Recent interest cuts by the State Bank of Vietnam (SBV) could send trillions of VND in savings into the property market, according to the Vietnam Association of Realtors (VARs).
Vietnam’s real estate industry has developed along with the recovery of the economy after the COVID-19 pandemic, and is forecast to see brighter and more positive colours compared to 2021 and gradually return to the pre-pandemic trajectory (in 2019), according to the Vietnam Report Joint Stock Company.