Local property market to recover this year

The local property market will be a bit quiet from now until this year end (Photo: VNA) Hanoi (VNS/VNA) – Local property experts have forecast that the domestic real estate market will recover this year. Market demand and prices would likely to rise, according to economist Le Xuan Nghia. Nghia said more finances would be made available by the banking system , thanks to stable development over the past three years. Loans were an important financial source for the domestic real estate market , ensuring stable development of both the banking system and the real estate market, he said. Nguyen Tran Nam, Chairman of the Vietnam Real Estate Association , was quoted by dantri.com.vn as saying that Vietnam's real estate market was in a good place to grow this year and beyond thanks to the strong development of the macro-economy. As the 15th most populous country in the world and the third largest population in Southeast Asia, Vietnam has the leading demand for housing in the region. In addition, foreign direct investment (FDI) in real estate had increased sharply, Nam said. Over the past decade, Vietnam also focused on developing infrastructure with total investment accounting for about 10 percent of GDP per year…. Read full this story

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