Truong Thai Son, Deputy General Director of Hoang Quan Real Estate Corporation, pointed out the three biggest problems of the real estate market.
First, the market is still a fledgling market with insufficient components and few transactions. Moreover, a lot of ‘real estate products’ are still not considered commodities.
Second, there exists a big gap between supply and demand. The national market economy is now developing strongly, and the demand for real estate is increasing, but supply is becoming scarcer.
Some people mistakenly think that the real estate market is now freezing because of oversupply and low purchasing power. In fact, demand still far exceeds supply. The market is now lackluster because of the overly high prices of land and apartments, which prove to be unaffordable for the majority of Vietnamese people.
