Mr. Nguyen Van Dinh - Chairman of the Real Estate Brokers Association - said that in the first two months of the third quarter of 2023, there were 5,000 real estate transactions. During a difficult period, this is an encouraging number, creating motivation for the real estate market in the fourth quarter of 2023 and the first quarter of 2024 to have a chance to recover more clearly.
Up to this point, the real estate market is still in a quiet period, however the market status has changed compared to the end of 2022 – early 2023.
In the previous period, along with the “collapse” of the corporate bond market and the crisis of customer confidence, the debt repayment pressure on real estate businesses was so great that it threatened their existence in the market. school. Up to now, this pressure has been “lighter”. This is the opinion of many economic experts about the current real estate market and forecasts for the coming time.
Prof.Dr. Hoang Van Cuong – Member of the National Assembly’s Finance and Budget Committee – commented that the state of the market has changed, going through a quiet period.
Although not facing the risk of recession, the market’s recovery is only relative, gradually stabilizing but not yet breaking through, just stopping at a moderate level.
Meanwhile, Dr. Nguyen Van Khoi – Chairman of Vietnam Real Estate Association (VNREA) – said that, according to the Association’s survey, in the past two years, the real estate market has had major bottlenecks that have caused businesses and investors to Investors encountered difficulties and suffered a sharp decline in liquidity.
In particular, from the second half of 2022, real estate businesses fall into a “dilemma” when projects stagnate, cash flow is clogged and debt repayment pressure is heavy.
Real estate businesses still remaining in the market have had a strong restructuring, innovation and adaptation journey to bring new vitality to promote the real estate market’s recovery.
“By September 2023, positive bright spots in the market have gradually appeared. Investor sentiment has shown signs of recovery better than the previous period,” Dr. Nguyen Van Khoi commented.
And Dr. Nguyen Van Dinh – Chairman of the Vietnam Association of Real Estate Brokers (VARS) – said that the real estate market recently has been extremely difficult.
The health of real estate businesses is also seriously weakened. To survive, businesses have had to cut the number of employees, expenses, and even have to stop many projects indefinitely.
Citing VARS survey data of 500 real estate businesses and developers, Mr. Dinh said that about 23% of businesses can only “hold out” until the end of the third quarter of this year and 43% of businesses can only can “hold out” until the end of 2023 if the Government does not have drastic macroeconomic management policies and quick and effective policy implementation.
However, commenting on the real estate market’s ability to recover at this time, Dr. Nguyen Van Dinh still believes that the market has begun to show better signs.
According to Mr. Dinh, with the Government’s drastic intervention, the real estate market is recording positive changes.
Specifically, in the first quarter, supply decreased seriously, almost “standing still”, with only more than 2,000 transactions on the market. In the second quarter, many projects were offered for sale again, with about 3,700 successful transactions.
This number continued to increase in the first two months of the third quarter with more than 5,000 successful transactions and about 300 projects nationwide launched for sale.
“This shows that investor confidence is returning. These are the basis to confirm that, since the third quarter of this year, the market has sent many positive signals.
In a difficult period like today, a few thousand is an encouraging number, creating motivation for the real estate market in the fourth quarter of 2023 and the first quarter of 2024 to have a chance to recover more clearly,” Mr. Dinh speak.
According to Labor Newspaper