While the gloomy outlook also haunted the city's apartment market with sales plunge, investors are seeking houses in existing residential areas with available social infrastructure such as markets, and schools to buy.

As a short-term vacation spot, Phu Quoc is also expected to become an ideal place for diverse living demands of global citizens in the future.

The relationship between population and housing is two-sided. Population growth leads to rising demand for housing in Vietnam.

Optimism rose among urban dwellers early this year as several medium and large-sized businesses revealed plans to build affordable housing projects.

The taskforce comprises of eight members, headed by Minister of Construction Nguyen Thanh Nghi.

Real estate developers and experts anticipate that the real estate market will be rescued once the task force is established.

Many real estate developers in Southern Vietnam have decided to postpone their sales plans as market conditions are unfavorable.

After failing to make it a rule that all real estate transactions have to be carried out via trading floors, the Ministry of Construction (MOC) has again attempted to apply the principle.

In Vietnam, many people get rich quickly thanks to land-related businesses, while many corruption cases are also associated with land. This shows an urgent need to amend the land law.

Two meetings to settle the existing problems in the real estate market were held on November 8.

Real estate enterprises should actively find alternative funding sources such as foreign direct investment (FDI) capital flow to curb their capital shortage as popular capital mobilisation channels for the realty industry have been tightened.

HCM City’s estate project developers have been slashing housing prices and offering big discounts to lure buyers.

Real Estate Investment Trusts (REIT) were established in Vietnam’s assets legal system in 2012.

The Ministry of Construction (MoC) will study suitable tax policies in the real estate market to encourage the effective use of houses and land, limit speculation, and ensure State budget revenue.

Because of reduced liquidity and lack of cash, many real estate firms have cut wages and the number of personnel.

Affordable housing projects have turned into high-end projects in HCM City’s real estate market, experts said.

The real estate market is currently facing a serious crunch, not seen in the last ten years. Both investors and real estate businesses have never faced such difficult times before.

Financial resources for the real estate sector including bonds, funds raised via the stock market, and especially bank loans contracted substantially in the third quarter of this year.

Tightening control over credit and bond issuance has affected real estate investors, forcing them to stop work on many projects, according to HCM City’s report to the Ministry of Construction (MOC) on the city’s real estate market in Q3/2022.

Real estate businesses are struggling to manage, with capital mobilisation channels narrowing, while businesses are operating in moderation, cutting investment, and waiting for policy easing.