Real estate market adapting to COVID-19

The real estate market saw some signs of recovery in the latter half of the second quarter and early and mid-July before the second wave of COVID-19 struck in late July. The changing situation has forced property companies to adjust their business plans.

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This real estate exchange made 2,400 transactions in just three days in mid-July. Staff didn’t even have the chance to celebrate the high sales volume before the second wave of COVID-19 hit not long after. It had to adjust the business approach it developed during the first wave of COVID-19, in which people-to-people transactions were cut.

According to industry insiders, the real estate market was indeed picking up in the second quarter. Transactions in the high-end segment increased 38% against the first quarter while those in the mid-range segment rose 33%.

The recovery was driven not only by the resumption of “business as usual” nationwide but also by strong growth in online transactions.

Local real estate companies have been adapting during the pandemic and look forward to the Government assisting with legal procedures to help them survive these tough times.

The domestic real estate market is expected to fully recover by the end of the year as the pandemic is likely to be contained by that point. Between now and then, real estate companies and their clients must continue to adapt to the changing circumstances./.

VNA