Real Estate Market Forecast for 2018: Control and Sustainability

25/11/2017   Viewed: 571
Control and sustainability are phrases that outline the general picture of the real estate market in 2018 that real estate experts estimate and forecast. How will the real estate market in 2018 be managed and developed?
 
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Control and sustainability
According to Nguyen Tran Nam - President of Vietnam Real Estate Association (VNREA): Vietnam real estate market in 2018 is controlled and sustainable. In 2018, the market will remain sustainable and maintain the same growth rate as in 2017.

Mr. Nam said: Vietnam Real Estate Association has not issued any warning about the speculation because there is no speculation. Speculation is only when the goods are not enough, there is a group of objects to push the price, while the source of the real estate market in Vietnam is very plentiful, so can not be called speculation. Currently, the real estate is very redundant, not missing.

According to statistics, over time, Hanoi has about 5,000 new apartments are put on the market and there are about 20,000 units offered. In Hanoi and Ho Chi Minh City, about 45,000 - 50,000 units are sold in the market. While the consumption per year is only about 30,000 units in both the largest cities in the country. There will still be enough goods to sell.

Mr. Nguyen Quoc Hung - Director of Credit Department of Economic sectors, State Bank stressed that the Government has warned of hot growth for the real estate market over time. In the current period, to secure homeowners' rights, asset mortgages are more closely regulated. When the financial resources are stable, the guarantee level is not more than 70% and the capital can not be used to invest in other areas, thus helping to control the source of money.

Good credit control real estate
The trend of real estate credit balance of credit institutions is shifted in line with the guideline of the Government, guidance of the State Bank (SBV) and real demand of the market. As of 31/7/2017, outstanding loans for real estate investment increased about 4% compared with 31/12/2016, accounting for about 9% of outstanding loans to the economy (this proportion is quite stable from 2013 to present). Credit line for the real estate sector has been directed towards the consumption of housing, meeting the real needs of people with growth of about 11% compared to 31/12/2016.

In addition, the State Bank has instructed credit institutions to actively deal with bad debts, especially bad debts in the real estate sector. Non-performing loans decreased significantly from 7.05% in 2013 to 4.06%.

Mr. Nguyen Quoc Hung added: In the coming time, the SBV will continue to implement measures to stabilize the money market; flexible and synchronous monetary policy instruments, open credit flow for socio-economic development; To create favorable conditions for enterprises to access credit capital for development of production and business, including enterprises operating in the field of real estate. At the same time, the SBV closely monitors the credit situation in real estate sector and timely measures to ensure safe, efficient and sustainable credit growth.

In order to develop a healthy and sustainable real estate market, the Director of the Credit Department for Economic Affairs, the State Bank of Vietnam (SBV) suggested that the renovation and improvement of the quality of planning and public announcement should be continued; reviewing regulations, reforming administrative procedures, shortening the time for review and approval of projects by functional agencies to increase the supply of social houses, commercial houses with average area, price moderate sales; Continue to review legal documents related to the real estate sector, especially regulations related to some new issues arising in practice such as Hotel, office apartment (condotel , officetel ...), mortgaged assets attached to land at foreign banks ... The State Bank of Vietnam (SBV) continues to cooperate with other ministries to study, build and perfect the mechanism and develop the financial market of houses. to provide medium and long-term stable capital for the real estate market, gradually reduce the reliance on capital from credit institutions.
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