Mar 28, 2011. It has been predicted that the local property market will repeat its downturn of 2008, when the market witnessed a sharp fall in selling prices in some regions around the country.
Although prices were slashed from 40% to 50%, trade activities remained slow. The market outlook is a problem which many property experts discussed in a seminar themed ‘What to do with the local property market in 2011’ organized recently by the Hanoi Property Club.
Vu Dinh Anh, an expert in market and pricing, estimated that the local property market would lose some US$5 billion credit this year given the Government’s credit tightening policy in property sector, from the current 23% to 16% late this year.