Vietnam: Real estate transactions skyrocket in 9 months

Can Tho, October 8 (VNA) – Some 30,000 real estate transactions were recorded in the first nine months of 2015, which was tantamount to the combined figures from last year, as heard at a seminar on housing development in the Mekong Delta city of Can Tho on October 7. According to Chairman of the Vietnam Real Estate Association Nguyen Tran Nam, heat in the real estate market has skyrocketed and the number of real estate transactions this year is expected to double 2014’s. Vietnam’s real estate market has seen positive signs in both social housing and low-income apartment segments, ranging from 500 to 600 million VND (22,700 USD-27,000 USD) per apartment. Several newly introduced Government policies and regulations coupled with high confidence in the sector’s outlook have convinced investors and customers to return to the market. Particularly, the Government’s 30 trillion VND (1.4 billion USD) stimulation package demonstrated its efficiency; 20 trillion VND (909 million USD) of which was signed with banks and 12 trillion VND (546 million USD) was disbursed. Nam asserted there is an upward trend in Vietnam’s real estate market as many capital inflows have entered the market. To date, about 360 trillion VND (16.4 billion USD) has been invested in the market, accounting for 12 percent of the bank’s total debt system. Meanwhile, around 3 billion USD in foreign remittances were also recorded./.