After a recent meeting held between Ho Chi Minh City leaders and real estate business owners, a number of pending housing investment projects are set to revive.
For the last two weeks, several real estate trading floors in Ho Chi Minh City have opened for business with adequate advertising and a variety of products to offer their customers. However, business activities are running sluggish and trading floors are quite deserted.
The sudden eruption and spread of the deadly Coronavirus has caused several real estate projects to be shelved, while demand too has fallen drastically.
Within the last two years, the real estate market in Ho Chi Minh City (HCMC) has fallen sharply, with a decline in property sales and housing projects. Many housing construction projects have been delayed for a very long time because procedures for investment have not been completed as yet. Moreover, purchasing poweris showing negative signs of revival.
At a seminar organized by the Business Forum Newspaper in Ho Chi Minh City titled, ‘Opinions to overcome difficulties of Real Estate Enterprises’, many experts believed that conflicts and overlapping of legal regulations in the construction sector have led to delays in many projects, even those that were inspected and audited a long time back, creating opportunities for corrupt activities.
In order to prevent money laundering activities, the Ministry of Construction, and the Departments of Construction in all provinces and cities have issued a regulation that requires real estate companies and real estate brokerage services to report all real estate transactions that are more than VND300mn.