Real estate sector still in turmoil

HCMC – The real estate sector has yet to come out of the doldrums as the number of realty firms exiting the market has lately risen significantly, according to the Ministry of Construction. The ministry in reviewing the real estate market in the second quarter of 2023 noted that the number of newly established real estate firms dropped by over 61% versus the year-ago period. Secondly, there is a lack of synchronization in coordination among different departments and local authorities, which is hindering the smooth implementation of numerous real estate projects. Thirdly, real estate businesses are encountering difficulties in accessing bank loans and mobilizing capital through corporate bonds and other sources, and some are grappling with mounting debt pressures. The challenges faced by the real estate industry require concerted efforts from all stakeholders to address and mitigate the current turmoil.