Hanoi (VNS/VNA) — The domestic real estatemarket is hoped to have growth in the fourth quarter of this year and beforethe Lunar New Year 2021 if, by this year-end, the domestic economy is restoredto levels from before the COVID-19 pandemic, according to insiders.

This is the most positive scenario forecast by Tran KimChung, deputy director of the Central Institute for Economic Management, aboutthe real estate market this year.

However, in the second and more likely scenario, the domesticand global economies will recover only gradually and the local real estatemarket will be quiet but not collapse.

In the worst scenario, Chung said the market would freezeand trading would stop due to the domestic economy facing manydifficulties in the context of an uncontrolled pandemic and unsatisfactoryglobal economy.

Chung also said agricultural real estate was still lookingfor measures to develop because of a lack of mechanisms, policies and productsto develop the market.

Meanwhile, housing real estate market had three segmentsattracting customers, including land plots in suburban areas, affordablehousing and social housing, Chung said. The high-end housing segment needed newdrivers.

Trang Bui, JLL Vietnam's market director, said the housingmarket was expected to have stable growth due to housing demand. Mid-pricehousing products consistent with the financial ability of the majority ofcustomers would lead the market in the long term. Investors and customers whohave real demand would seek finished housing products.

Le Hoang Chau, chairman of the HCM City Real EstateAssociation (HoREA), said in the coming years, the domestic market would stillhave high demand for affordable apartments while the supply of this segment waslimited at present.

Therefore, to have sustainable development on the domesticproperty market, there is a need for more investment in the affordable apartmentsegment, according to Chau

This kind of property attracts many customers and investors,especially middle- and low-income people and workers in big urban areas.Affordable apartments also have high liquidity.

Foreigners’ housing demand is increasing in the domesticproperty market. Nguyen Duc Them, Project Sales Manager, Savills Vietnam, said./.