A higher tax rate for land use proposed by Hanoi's authorities would naturally reduce speculation and hoarding of land resources, in turn ensuring the healthy development of the real estate market.

Supplies of low-priced apartments at below VND2 billion (US$87,300) are predicted to disappear in Hanoi in the upcoming one or two years.

Foreigners are potential buyers of luxury apartments in Vietnam.

Experts remain optimistic about the future prospect once the pandemic is fully contained in Vietnam.

Along with drastic changes in the upcoming Land Law and continued efforts from the Government to push for public investment, there is strong confidence that the real estate market would return to a high expansion rate in 2022.