Real Estate realtors struggle amid market recession

After the hustling activity at the beginning of 2022, Vietnam's real estate market has declined currently, leading many realtors to be a layoff.

Vietnam's realtors have lots of struggles to face

The implementation of approved projects is delayed due to the tightening of credit quotas and procedural hardships. Several property developers lack the capital to implement the projects. Additionally, numerous property developers are scaling down their business as can be seen by suspensions, investment, or construction delays.

According to Minh - a Vietnamese realtor used to easily earn thousands of dollars at the beginning of 2022, and now he puts a lot of effort to sell through social media but without luck. 

"When Vietnam's real estate market was good, I sold 3 plots of land in 3 or 4 months and make money nearly VND100 million ($4,041)", he confessed but "In recent months, Vietnam's real market is different and keeps slowing down. Nobody wants to buy land and replies any property's posts on Facebook groups".

Property brokers struggle to find a new job

Along with that, Linh living in the southern Kien Giang Province toils to find customers. She once worked to earn VND80 million a month at the height of the boom but now just last 4 months trying to sell one plot of land. 

Facing this situation, a number of real estate companies have been cutting down up to 50% of their workforce due to a recession. Almost laid-off sales struggle to find new jobs. 

Long said: "In Vietnam's real estate market facing a recession, all jobs have been through ups and downs. We need to accept the layoff and try to find another job now. In a bad situation, I work in other fields, I must do it from scratch."

And Cuc - a property broker said she spent almost income when working as a broker. Now she tries in vain to find a new job for over 2 months and has a shortage of capital to run a business online.

Tuan has gone back to his previous job as a medical sales representative. But since he has not worked for a year, many of his old contacts have been lost, which impacts his income.

See more: Hanoi house prices increase sharply while tightening credit, loose liquidity

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