Time for Vietnam's property market to correct itself

November 23, 2022 | 08:51 pm PT
Time for Vietnam's property market to correct itself
High-rise buildings in District 1 in downtown HCMC, November 2022. Photo by VnExpress/Quynh Tran
The property market in Vietnam is bracing for recession and that should bring it back to its true value, according to readers.

"Good time in real estate is over now. People buy to live and not for speculating and it is a good news for the market which is in the sky."

"Back to real purpose, now money isn't easy to earn. So, brokers need to focus on property of low prices for people who need houses for living."

"A good time to add real taxes to property and even higher taxes, for property held empty, for speculations."

"Real estate increased too high. Now, it is coming back to real value."
Long Hoang

"The real estate industry here is crazy. They sell villa at $8,000 to $11,000 (per square meter). This is not Singapore or Hong Kong. Where are people finding that kind of money??? Also they build before selling the units so you have ghost town like Ha Long Bay where I was a couple of weeks ago or in Long Bien where half of the villa at Harmony after more than three years are still empty. Price has to come down so those companies generate cash flow."

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