Vietnam Express reported on the 23rd that Vietnam’s real estate sales and apartment leasing turnover fell sharply in the first half of this year.

According to reports, the large-scale spread of the new crown pneumonia epidemic has affected the performance of the global real estate industry. According to a report by Cushman & Wakefield, a Vietnamese real estate service company, in the first half of this year, property sales in major cities in Vietnam fell by 40% to 60%, and house rents fell by 40%.

The company’s managing director Alex Crane said, “The number of newly opened real estate projects has dropped significantly compared to the same period last year, with Hanoi down by 30% and Ho Chi Minh City by 60%. In times of economic hardship, buyers are more cautious about purchasing decisions.” He said, Although developers offer preferential policies such as interest-free loans or extension of payment terms, real estate sales have not increased.

A high-end real estate developer confirmed that the supply of new houses in the Vietnamese market fell by 52% in the first six months, and the sales of real estate fell by 55%, the lowest level in five years.

In addition, Real Capital Analytics data shows that real estate investment projects with an investment amount of more than 10 million U.S. dollars have plummeted by more than 75% this year, from 655 million U.S. dollars in 2019 to 183 million U.S. dollars.