Property market remains attractive to investors

Land fever in the Phu Quoc special administrative economic zone in southern Kien Giang Province. The shortage of information in the property market has been a big issue for its development.- Photo theleader.vn

This was heard at the Vietnamese business forum: voices of property companies in the 2018-19 period held in Ha Noi on Wednesday. The forum was under the award ceremony of c.

The report based on a survey of the top 500 companies showed that real estate would continue to be a stable and attractive profitable channel this year.

However, the competition would also be fiercer as the market has high integration, requiring businesses to pay attention to sustainability and longevity of their projects.

The report also revealed that the macro-economy which was expected to have stable growth this year would be a pre-condition for estate, construction, retail and high quality agriculture sectors in the upcoming time.

Prof Dang Hung Vo, former deputy minister of Natural Resources and Environment said the shortage of information in the property market has been a big issue for its development.

Recent land fever in special administrative economic zones as well as other forecasts on the real estate market is only “qualitative”, Vo said, adding that the market still lacked of published information.

He gave an example that such information of how many condotels will be offered in the Da Nang market and whether capital should flow into the real estate market or not should be published.

“If we do not have data, we cannot discuss about development, forecasts and co-operation among investors in the estate market,” he added.

He suggested that the Government should have real and open data to help investors have an overall view about the market.

Sharing the ideas, Dang Huy Dong, former deputy minister of Planning and Investment said there should be co-operation between the Government and businesses to ensure information in the market.

Dong said the property market has not had information only on estate projects but also materials, suppliers and finance.

“The real estate market has been an important index of the economy in addition to securities and the macro-economy,” he said.

Effective spending required for people’s acceptance of new property tax proposal The Ministry of Finance has proposed imposing a new tax on people who own property worth VNĐ700 million ($31,000) or more.

Finance Ministry proposes new housing tax The Ministry of Finance has proposed a tax on houses depending on their construction value as part of a draft law on property tax.