The Vietnam Association of Realtors (VARS) has proposed some measures to help keep housing prices under control.
These include accelerating the completion of new legal frameworks, enhancing local authorities' implementation capabilities, and increasing decentralization and local policy flexibility.
Additionally, addressing land clearance bottlenecks transparently and efficiently, diversifying funding channels to reduce reliance on bank credit, and prioritizing social housing in urban planning are crucial.
Developing a professional rental market and reducing the mindset that homeownership is necessary for stability are also important. Establishing early warning criteria for market trends and completing a unified, transparent national database on land and real estate will help manage the market effectively.
The real estate market in Vietnam is currently experiencing a rapid increase in housing prices, particularly in major cities, which is outpacing the actual income growth of the majority of the population. This situation not only narrows the opportunity for most people to access housing but also raises the risk of a price bubble.
The VARs highlights that if housing prices and incomes remain unchanged, the ability to purchase homes is significantly declining.
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