According to Dinh The Quynh, Deputy General Director of Hai Phat Land, in the second quarter, many real estate businesses have caught up and changed the way to approach customers. Businesses will accelerate in the third quarter to finish at the end of the year.
At the seminar “Real Estate in Uncertainty: Rotation and Adaptation” held on the morning of August 4, the attendants made their comments on difficulties, challenges and solutions to recover the market.
According to TS. Can Van Luc, Finance and Banking Specialist, surveyed the impact of the COVID-19 pandemic on 15 key industries, accounting for 80% of GDP, real estate is one of the eight sectors most heavily affected.
According to the survey, the total value of real estate transfer has decreased by 0.4% over the same period in the first 7 months while the share price of the industry decreased by 16% compared to the beginning of the year, one of 10 sectors with stock prices. The sharpest decrease (VNIndex decreased by 14% compared to the beginning of the year).
Meanwhile, the number of businesses suspended due to COVID-19 increased by 98% compared to the same period last year.
“That being said, the impact of the COVID-19 epidemic on real estate businesses is enormous. However, I realize that the real estate market is also facing a number of challenges and new opportunities, ”Mr. Luc stressed.
Mr. Dinh The Quynh, Deputy General Director of Hai Phat Land at the event this morning. (Screenshots)
On the business side, Mr. Dinh The Quynh, Deputy General Director of Hai Phat Land, said that the timing of the real estate market is also very important.
Because Vietnam’s real estate market is still quite young compared to the world, so it has not caught up with the trend of the world. Sometimes there are times when supply cannot meet demand, such as a large quantity of demand is not sufficient or vice versa.
Especially early in 2020, the supply has a certain recovery, but there are incidents due to the impact of COVID-19. “The business of Hai Phat Land also encountered difficulties, with a decline of up to 70% of the transaction volume. However, in the second quarter, when the social gap ended, the number of transactions increased more than the same period last year. 2019 “, Mr. Quynh said.
According to Mr. Quynh, in early 2020, the demand was large but it was difficult to reach investors due to the impact of the disease. In the second quarter, businesses have caught up and changed the way to approach customers.
“Real estate businesses will accelerate in the third quarter to finish at the end of the year. In this quarter there is a soul month but in recent years the soul month has not affected much, investors and brokers also launched the The program is aimed at customer psychology, “said Quynh.
Also according to the TS. Vo Tri Thanh, due to difficulties from the end of 2019, by early 2020, real estate businesses have been prepared, at least to overcome this period. The turnover of enterprises sometimes decreases by 70-80% but the number of employees is still not much reduced.
- Large real estate enterprises reduce amount of payable tax by hundreds of billions of VND
- 620 real estate businesses went bankrupt in Jan-Aug
- 90% of Vietnamese millionaires invest in real estate
- 90 percent of Vietnamese millionaires invest in real estate
- Real estate firms struggle to recover from coronavirus slump
- How will the real estate segments evolve in the third quarter?
- Real estate tech company rolls out platform for finance, insurance, real estate
- A real estate company issued VND 770 billion bonds
- The recovering China real estate market: Opportunities for investors?