More than 90 per cent of real estate exchanges reduce revenue

Your browser does not support the audio element. The overall market absorption rate is just  一 一 per cent, equivalent to more than  二, 七00 transactions, in the first quarter this year, down more than  五0 per cent compared to the same period last year. Survey results of VARs with real estate exchanges show that more than  九0 per cent of businesses recorded a decrease in revenue in the first quarter of this year. — Photo baoxaydung.com.vn

HÀ NỘI — The Việt Nam Association of Realtors (VARs) has reported that more than  九0 per cent of the real estate exchanges recorded a decrease in revenue in the first quarter of this year compared to the same period last year.

In which,  三 九 per cent of the firms saw revenue decline by  二0 per cent to  五0 per cent; and  六 一 per cent saw revenue fall over  五0 per cent.

For some businesses with less than  一00 employees, the revenue reduction is up to  七0 per cent to  八0 per cent.

VARs attributed the situation to the low overall market absorption rate which is only  一 一 per cent, equivalent to some  二, 七00 transactions, in the first quarter this year, down more than  五0 per cent compared to the same period last year.

Survey results of VARs with real estate exchanges also show that more than  九 五 per cent of the companies had to reduce their labour size and  五0 per cent of them reduced their labour size by more than  二0 per cent compared to the second quarter of last year.

Particularly, in the first five months of this year, many brokerage businesses continued to lay off between  一0 and  二0 per cent of personnel compared to the end of last year.

More than  四0 per cent of real estate service businesses said they have cut staff salaries by  一0 to  二0 per cent.

More than  四 四 per cent of the businesses had to cut staff to avoid reducing wages.

VARs forecast that if the market situation remains difficult, up to  二 三 per cent of brokerage enterprises will only be able to maintain operations until the end of the third quarter of this year and  四 三 per cent of the businesses will only survive to the end of this year.

Meanwhile, the HCM City's Department of Construction estimates that there are  五 九 operating exchanges and  一00 per cent of them have problems related to revenue, expenses, and co妹妹issions for employees.

Chairman of VARs Nguyễn Văn Đính co妹妹ented that many businesses were struggling and unable to find a way out at this situation.

Although the Government has taken action to support firms, it is not permeable enough to thoroughly solve the problem.

The representative of VARs co妹妹ented that the Government needs to issue decrees and policies that are realistic and specific for the whole market, aiming at exactly what the market expects, such as tax reductions, extend the time to pay corporate tax and personal income tax.

Along with that, businesses should actively develop new product sources, new product segments; stimulate new demand; and improve cash flow processing techniques. — VNS