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Vietnamese real estate needs a major surgery for stable development

 

Real estate market needs a major surgery”, affirmed Deputy Minister of Planning and Investment Nguyen The Phuong at the forum themed “Investment in Construction and Real Estate: Reality & Perspectives” held in Hanoi on August 26. The forum focused on difficulties in construction and real estate sectors in Vietnam to figure out consistent solutions to promote the sustainable development of the 2 sectors.

Statistics of Savills, CBRE, Knight Frank and Cushman & Wakefield show dizzy development speed as well as sharp decline of high-end real estate segments. According to Mr. Ross Lightfoot, Head of Residential Sales and Marketing for Knight Frank Vietnam, current gloominess of the market is a “punishment” to “bad design” of projects. However, he also affirmed that all emerging markets go through transition period. Meanwhile, according to Mr. Nguyen Minh Tuan, Associate Director of CBRE Vietnam, there will be hardly a “bubble burst” but real estate market just “deflates and turns gloomy”.
For the sustainable development of the market, Associate Professor-Doctor Tran Dinh Thien said that the economy must be restructured and the real estate market must be rethought. Pham Sy Liem, vice chairman of the Vietnam Construction Association, said Vietnam needs to renovate planning and investment in infrastructure construction.

 

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Source: KINH TE VA DU BAO – Date: 21/09/2011