Heating up Vietnam’s real estate market and catching the cash flow ofreal estate transactions during the last months of the year is a targetof the second property fair that will take place in Hanoi on October18-20. Report by the Vietnam Business Forum.
Speaking at the press conference introducing this programme, Nguyen HuuCuong, Chairman of Hanoi Real Estate Club, said following the success ofthe first fair, the upcoming event will bring investors an opportunityto promote their images to consumers and customers through mass media.This is also a rare opportunity for project owners to attract potentialinvestors, boosting sales. More importantly, this is a measure to helpaccelerate the sales and mobilising capital in the context of ailingeconomy having serious impact on the real estate market.
According to the organisers, currently there are about 2,000 potentialcustomers in demand for housing having registered to be involved in thefair. The project owners have also announced to bring teams ofenthusiastic, professional and skilful consultants, capable of receivingaround 1,000 – 1,500 registrations per day, to provide customerssupport needed. Additionally, customers would also get support frombanks in loan procedure advisory and disbursement of assistance packageof 30 trillion VND (1.41 billion USD)
According tomany experts, the most difficult time for Vietnam's real estate sectorhas not been over. The successful trade is relatively scarce, most of itis just a reference to look for better opportunities. However, thesecond property fair is designed for customers of low income, the onewith real demand, not speculators trying to hoard properties. Statisticsof the Ministry of Construction showed that there are about 30,000civil servants having applied for social housing while the supply islimited.
It’s widely concerned that whether theupcoming fair and its activities of advertising, offering socialhousing would be conducted in a transparent manner and introduce areasonable price. Reply to this worry, Nguyen Quoc Khanh, Chairman of G5Realty Trading Floor and a member of the organising committee, said inorder to ensure consumers’ rights, fair organisers have established agroup to carefully examine products to be brought to the fair. Thiswould make sure that only real product with eligible legal binding canbe introduced for purchase. On the other hand, the organising committeehas also required written commitments from investors to have fullresponsibility for the legality of trading products.
Nguyen Ngoc Thanh, Vice President of Vietnam National Real EstateAssociation, added that beside the 30 trillion VND support package ofthe government, customers coming to the fair would also be introduced toseparate credit packages of commercial banks to support individualinvestors and house buyers. Some could be named including the VietnamConstruction Commercial Joint Stock Bank, the Military Commercial JointStock Bank (MBBank), the Vietnam Prosperity Commercial Joint Stock Bank(VPBank), and the Vietnam Export Import Bank (Eximbank).
He also said that the real estate market would soon warm up in thecoming years, but to get this market completely out of the crisis, theState Bank of Vietnam and the Ministry of Construction should propose tothe Government solutions loosening some regulations in the proceduresof identification, mortgaged properties, etc to accelerate the financialaid package.
Nguyen Ngoc Thanh added that to bestmeet market demand, many commercial houses are now on sale with a 30-40percent reduction compared to the original price, some projects areeven offered at a nearly rock-bottom price of 13 million VND per squaremetre. Social houses are from just 310 million VND for an apartment.This is indeed a very encouraging signal for the civil servants andthose in real needs of their own houses, they now would not have to putup with speculator hoarding houses and pushing up price point like inthe "house fever" before.
The goal of the organisersto create this fair is not only for profit, but first and foremost toestablish a healthy playground with transparency for buyers and sellers,regaining consumers’ trust and creating good culture in the real estatemarket at the end of the year.-VNA
Speaking at the press conference introducing this programme, Nguyen HuuCuong, Chairman of Hanoi Real Estate Club, said following the success ofthe first fair, the upcoming event will bring investors an opportunityto promote their images to consumers and customers through mass media.This is also a rare opportunity for project owners to attract potentialinvestors, boosting sales. More importantly, this is a measure to helpaccelerate the sales and mobilising capital in the context of ailingeconomy having serious impact on the real estate market.
According to the organisers, currently there are about 2,000 potentialcustomers in demand for housing having registered to be involved in thefair. The project owners have also announced to bring teams ofenthusiastic, professional and skilful consultants, capable of receivingaround 1,000 – 1,500 registrations per day, to provide customerssupport needed. Additionally, customers would also get support frombanks in loan procedure advisory and disbursement of assistance packageof 30 trillion VND (1.41 billion USD)
According tomany experts, the most difficult time for Vietnam's real estate sectorhas not been over. The successful trade is relatively scarce, most of itis just a reference to look for better opportunities. However, thesecond property fair is designed for customers of low income, the onewith real demand, not speculators trying to hoard properties. Statisticsof the Ministry of Construction showed that there are about 30,000civil servants having applied for social housing while the supply islimited.
It’s widely concerned that whether theupcoming fair and its activities of advertising, offering socialhousing would be conducted in a transparent manner and introduce areasonable price. Reply to this worry, Nguyen Quoc Khanh, Chairman of G5Realty Trading Floor and a member of the organising committee, said inorder to ensure consumers’ rights, fair organisers have established agroup to carefully examine products to be brought to the fair. Thiswould make sure that only real product with eligible legal binding canbe introduced for purchase. On the other hand, the organising committeehas also required written commitments from investors to have fullresponsibility for the legality of trading products.
Nguyen Ngoc Thanh, Vice President of Vietnam National Real EstateAssociation, added that beside the 30 trillion VND support package ofthe government, customers coming to the fair would also be introduced toseparate credit packages of commercial banks to support individualinvestors and house buyers. Some could be named including the VietnamConstruction Commercial Joint Stock Bank, the Military Commercial JointStock Bank (MBBank), the Vietnam Prosperity Commercial Joint Stock Bank(VPBank), and the Vietnam Export Import Bank (Eximbank).
He also said that the real estate market would soon warm up in thecoming years, but to get this market completely out of the crisis, theState Bank of Vietnam and the Ministry of Construction should propose tothe Government solutions loosening some regulations in the proceduresof identification, mortgaged properties, etc to accelerate the financialaid package.
Nguyen Ngoc Thanh added that to bestmeet market demand, many commercial houses are now on sale with a 30-40percent reduction compared to the original price, some projects areeven offered at a nearly rock-bottom price of 13 million VND per squaremetre. Social houses are from just 310 million VND for an apartment.This is indeed a very encouraging signal for the civil servants andthose in real needs of their own houses, they now would not have to putup with speculator hoarding houses and pushing up price point like inthe "house fever" before.
The goal of the organisersto create this fair is not only for profit, but first and foremost toestablish a healthy playground with transparency for buyers and sellers,regaining consumers’ trust and creating good culture in the real estatemarket at the end of the year.-VNA
