The real estate market continues to sit in stagnation from the beginning of this year although lending rates were slashed in an effort to aid the market to overcome the difficult time.
The market is facing a serious housing supply shortage, especially regarding social housing and affordable homes. Transactions were minimal and enterprises could not access credit, causing many projects to be halted.
The construction ministry said that it would focus on removing the difficulties for the real estate market in the remaining months of this year.
Statistics showed that the construction industry grew at 4.74% in the first five months, over the same period last year, higher than the country’s GDP expansion rate. However, the number of real estate businesses saw a drop of 0.82%./.
