Although there is still a great demand for real estate, there are few successful transactions. The situation is attributed to policies to curb inflation and high interest rates, which have had a great impact on the real estate market.

A number of real estate projects have even offered promotional discounts on purchasing prices. Nguyen Huu Cuong, President of the Hanoi Real Estate Club said that almost all current real estate projects are incomplete and lack sources of capital.

Professor. Dr. Dang Hung Vo, former minister of Natural Resources and Environment said that with such high interest rates, it is difficult for low-income earners to own a house. In fact, people borrow money to buy real estate and then sell it in a quick turn around to gain differential profits. Small investors have also borrowed money from banks to buy real estate for similar reasons.

However, now is the good time for those who have a genuine demand for real estate. When project owners cannot raise capital, they have to accept selling at lower prices and offering preferential deals for buyers.

Pham Bao Tram, deputy director in charge of business activities from the East Asia Real Estate Joint Stock Company said that low liquidity in the real estate market is causing difficulties for sellers. If they want to sell their property, they have to adjust the value of their products in accordance with the market demands. Today, buyers have many opportunities to choose from a wide range of real estate.

Experts said that when it is difficult to source capital from banks, investors can tap foreign direct investment capital. However, caution should be used regarding capital sources because foreign investors still mobilize capital from consumers and sell houses on paper. There should be proper mechanisms and technical constraints to force foreign investors on such sources of capital to use their strengths to develop the market.

A low level of professionalism is one shortcoming of the real estate market. It is still poorly managed and lacks transparency. It must be reformed so it is more transparent and benefits consumers, not only the interests of investors. If this is accomplished, we can develop the real estate effectively.

Real estate experts have also warned that Vietnamese investors should rid themselves of thinking that investing in real estate is super profitable. It should be adjusted to view investing in real estate the same as investing in other fields. We should act for the benefit of consumers, so investors can secure a firm foothold in future. This is the best way to access the real estate market at present.