{"id":19585,"date":"2021-06-02T12:38:56","date_gmt":"2021-06-02T05:38:56","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=12555"},"modified":"2021-06-04T16:13:21","modified_gmt":"2021-06-04T09:13:21","slug":"vietnams-4th-wave-of-covid-19-takes-a-toll-on-the-real-estate-market","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/vietnams-4th-wave-of-covid-19-takes-a-toll-on-the-real-estate-market\/","title":{"rendered":"Vietnam\u2019s 4th wave of Covid-19 takes a toll on the real estate market"},"content":{"rendered":"

Despite the decline, analysts predict an increase in secondary market transactions in the coming months<\/span><\/span>\u00a0<\/span><\/p>\n

\"\"
In the central region, particularly in Da Nang, the land searches online plunged by 21 percent. TangTrungKien\/Shutterstock<\/figcaption><\/figure>\n

In Vietnam, the recent resurgence of Covid-19 has affected the real estate market substantially, with demand for property searches and transactions dropping in most markets, reported <\/span>Batdongsan.com.vn<\/span><\/a>, citing\u00a0data from\u00a0the\u00a0April 2021\u00a0market update.<\/span>\u00a0<\/span><\/p>\n

In the North, where the pandemic\u00a0flared up,\u00a0Hai Phong and\u00a0Bac\u00a0Ninh provinces\u00a0logged\u00a036 percent and 29 percent\u00a0fewer\u00a0searches on Batdongsan.com.vn,\u00a0respectively.\u00a0In the central region, particularly in Da Nang, the land searches online\u00a0plunged by\u00a021 percent.\u00a0As for the property hotspots in the\u00a0South,\u00a0Long\u00a0An\u00a0recorded a 12 percent decrease, whilst\u00a0Binh Duong\u00a0tallied a 7 percent\u00a0slump\u00a0in property searches.<\/span>\u00a0<\/span><\/p>\n

The April 2021 Market Report also indicated\u00a0a massive descent\u00a0in interest level in terms of sale\u00a0and rental markets in\u00a0Hanoi and Ho Chi Minh\u00a0cities\u00a0compared to\u00a0March 2021.\u00a0The online searches for properties\u00a0for\u00a0sale\u00a0stumbled by 22 percent in Hanoi and 16 percent in Ho Chi Minh.<\/span>\u00a0<\/span><\/p>\n

Moreover, the search demand for the entire market\u00a0dipped by 18 percent in April as opposed to a month before, with the land segment accounting for the most\u00a0decline\u00a0at 20 percent.<\/span>\u00a0<\/span><\/p>\n

The report noted\u00a0that\u00a0the downturn most likely occurred\u00a0as\u00a0the investors lost their interest\u00a0amid\u00a0the new wave of\u00a0outbreak.\u00a0Nonetheless, property searches did go through a swift 44 percent year-on-year growth\u00a0in contrast to the same period in 2020.<\/span><\/p>\n

Nguyen\u00a0Ngoc\u00a0Hieu, the head of market research department at\u00a0Batdongsan.com.vn,\u00a0clarified that this\u00a0April\u00a0trend,\u00a0where consumers dropped their\u00a0interest in\u00a0home searching,\u00a0\u201cwas nothing out of the ordinary.\u201d\u00a0<\/span>\u00a0<\/span><\/p>\n

\u00a0More: 6 of the extraordinary places to see and experience in Phu Yen, Vietnam<\/strong><\/span><\/a><\/p>\n

Aside from the evident impact of the pandemic, the interest in real estate did peak in March because of land fever.\u00a0However, the government introduced cooling measures mid-April, which prompted the decline in land fever\u00a0and\u00a0compelled the investors to leave the market.<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

In the next few months, Hieu\u00a0predicts that real estate trading \u201cmight be less exciting\u201d seeing as most projects have discontinued concentrated sales and resorted to digital alternatives to abide by the safety protocols\u00a0in the midst of\u00a0the outbreak.\u00a0He also believes that the industry will delay the launch of new products until the country has managed to get the pandemic in order.<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

Despite these changes, he believes the\u00a0secondary market transactions will be more active in the coming months, which could easily benefit businesses\u00a0that\u00a0are able to adapt and\u00a0seamlessly\u00a0move their operations online.<\/span>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Despite the decline, analysts predict an increase in secondary market transactions in the coming months <\/p>\n","protected":false},"author":2,"featured_media":19565,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[906,900,995,135],"class_list":["post-19585","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-housing","tag-rental","tag-sales","tag-vietnam","news_country-vietnam","news_author-property-report"],"acf":[],"yoast_head":"\nVietnam\u2019s 4th wave of Covid-19 takes a toll on the real estate market | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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