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Real Estate Market 2010 To Thaw   2010-01-05 - Binh Duong Daily

   Credit will be tightened in 2010. The move was set out at a review conference held by the State Bank at Ha Noi. Accordingly, the State Bank will control liquidation and credit outstanding loans at an increase rate of 25% only in 2010, much lower than the rate of 37.73% in the last year.

At present, deposit interest rates at banks have been increased sharply while consumer loans remain tight, so the interest rates for house purchase loans will be higher in 2010. The reason makes real estate projects’ owners decrease the selling prices of apartments.

Property firm CB Richard Ellis (CBRE)
Vietnam
expected that HCMC will have 44 housing projects with over 22,500 apartments to be sold from the end of 2009 to June 2010.

Previously, 9,453 apartments in this city were sold in 2008 and 13,066 ones sold in 2009. The figure showed that real estate market is in huge supply.

Meanwhile, though many real estate projects have been launched across HCMC, Binh Duong and Dong Nai provinces, purchasing power remains low.

“With over 86mil residents, real estate market will promise much potential but the real estate projects’ owners like to aim at secondary investors, due to a quick recovery of capital. When banks remain tight credit policies, the secondary investors will have to sell their assets with a cheaper level than original price. The move will make a disorder for real estate market”, said a director of a real estate company. The above worry will perhaps create an unhealthy competition.

 

Many experts expected that the prices of houses and lands will be lower in 2010, owing to abundant supply and restriction of capital disbursement for real estate projects.


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