The market’s difficulties have appeared, but this does not mean that the real estate investment channel 10 years ago will repeat itself. That is the assertion of many experts.
Growth too fast, too hot in recent years pushed real estate prices to increase 2, 3 times. But until now, real estate prices are being assessed at a high level but liquidity has declined. Meanwhile, many challenges for the real estate market have appeared such as tightening real estate credit, tightening subdivision, making investors worry that the scenario repeats the previous period.
However, many experts emphasized that the scenario of 10 years ago will not be repeated. Mr. Tran Khanh Quang, a real estate expert, said that the price phenomenon is the same. But the heat of the market is different. Investors and customers today are smarter than in the past. In 2008, they bought despite everything. And investors take advantage of that to push prices up. But investors still struggled to buy.
According to Mr. Quang, real estate prices are at the top. However, the market is wiser, investors are more cautious. The State’s policy intervention from the last crisis makes this intervention gradual, ensuring that it will not be repeated in the past because the volatile real estate market will affect the overall economy.
Mr. Cao Minh Thanh, General Director of MLAND Pro said, the real estate market is similar to 2009 in terms of price. However, Mr. Thanh said that there will be no bubble burst and the risk of freezing as before because of the effective intervention of state management agencies.
Meanwhile, Assoc.Prof.Dr Dinh Trong Thinh affirmed that the market in the period 2009-2010 and the present time was very different.
This expert analyzed that, in the previous period, real estate bubbles had formed in many segments, thereby causing activity to stagnate, prices were still high, while transactions were almost nonexistent. Real estate that cannot be sold falls into a state of stagnation and lowers prices. Even so far, we have not yet overcome the consequences of the real estate bubble that occurred in the years 2008-2009.
While, the market at the present stage has not reached the level of a bubble, nor is it likely to lead to a state of stagnation, even freezing, although there is also a situation where real estate prices are hot but not high compared to the current situation. with the previous period.
Dr. Nguyen Tri Hieu also emphasized that the real estate market does not repeat the scenario of more than 10 years ago. Mr. Hieu analyzed that in 2009, the problem of indiscriminate and uncontrolled credit provision created a real estate bubble. At present, real estate credit is being strictly controlled. Interest rates on real estate loans are also relatively high. This is a direct lesson of the past to make real estate participants more careful.
Also according to Dr. Hieu, the capital inflow into the real estate market will slow down because the management agencies will tighten capital flows to ensure there is no bubble and the phenomenon of “easy money”, investors will be more cautious. . However, this is not a bad signal for the real estate market because “wise money” always generates good profits and contributes to the stable development of the economy and the development of the government. businesses.
According to Ms. Do Thu Hang, Senior Director, Consulting and Research Department, Savills Hanoi, moves such as controlling real estate credit, limiting the splitting of plots in some localities or strengthening the fight against revenue loss Taxes are necessary to regulate the real estate market. The aim of the moves is to ensure a more sustainable market development.
Experts also believe that the market is in the self-correcting stage. The challenge is there, but this only helps the market develop more stably, healthily and on a transparent trajectory. The tough times of the market fluctuate in the short term. And in the near future, the market will soon recover again.
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