The real estate market from the beginning of the year until now has recorded a gradually increasing number of transactions. If in the second quarter of 2023 the market recorded 3,700 transactions, an increase of 37% compared to 2,700 transactions in the first quarter, then the third quarter recorded received nearly 6,000 transactions, 1.5 times more than in the second quarter and more than 2 times more than in the first quarter.
The above information has just been released by the Vietnam Association of Real Estate Brokers (Vars) in a latest survey. This shows that the real estate market is increasingly showing clear signs of “warming”.
The report “Evaluating the recovery process of Vietnam’s real estate market in the third quarter of 2023 and forecasting the market situation in the fourth quarter of 2023” by the Vietnam Real Estate Association (Vnrea) also clearly points out that liquidity in the real estate market in The third quarter of 2023 has improved compared to the difficult period at the end of 2022 and the first months of the year, the market began to record many “bright spots” in localities such as Hanoi, Hai Phong, Lao Cai, Da Nang. Nang, Ho Chi Minh City… places where investment in infrastructure and transportation is promoted, with many supply sources suitable to demand.
Many real estate businesses said that the apartment and real estate market in big cities is currently showing signs of good absorption, focusing on the price segment under 10 billion VND in the central core area. To continue to maintain the current market growth cycle, there needs to be mechanisms and policies to improve the stagnant supply. Real estate policies need to target all strata of society.
According to Dr. Nguyen Van Dinh – Vice Chairman of Vnrea, real estate demand is increasing and will certainly increase with the pace of economic growth and urbanization… “It is expected that at the Real Estate Forum at the end of 2023, Vnrea will announce publishes real estate indices, which is the basis for project developers to refer to, so that when the project is formed, it can meet 60 – 70% of real demand, ensuring the requirements to attract investors. domestic and foreign investors” – Mr. Dinh said.
Real estate experts also commented that if the drafts of the Housing Law, Land Law, and Real Estate Business Law are approved at the 6th Session of the 15th National Assembly, it will entail “bottlenecks” in terms of legality and capital sources. being resolved, investors’ confidence returning to the main market… will be the decisive conditions for the market to truly return to a normal state.
The real estate market in the fourth quarter of 2023 will be a stepping stone for market recovery from 2024, especially in areas that still have a lot of room for development, have synchronous and modern planning, and cared for infrastructure. Focus on investment, price level is not high…
Real estate is one of the important sectors of the economy, closely related to the following industries: Construction, finance, tourism, production and business… Recently, the real estate market and businesses have faced many difficulties. , up to 70 – 80% of projects are temporarily suspended, the product structure is not reasonable, there is a lack of affordable housing segments for low-income people, and businesses have difficulty accessing capital. However, according to Mr. Hoang Hai – Director of the Department of Housing and Real Estate Market Management (Ministry of Construction), if in the past, businesses often waited for the Government to remove difficulties, now many businesses are proactive and flexible. in solving common market problems.
Forecasting the real estate market in the last months of 2023, many experts say that some segments in many localities have shown signs of exceeding the “bottom”.
According to Dr. Can Van Luc – Chief Economist of BIDV, Member of the National Financial and Monetary Policy Advisory Council, the world and Vietnam economic situation is recovering and from 2024 – 2025 will be good. than; Inflation and bank interest rates are gradually decreasing from the third quarter of 2023, creating conditions for investors to easily access capital; Legal and institutional obstacles are also gradually being resolved and implemented; The supply and demand of real estate projects are moving towards a more reasonable balance… Those are the factors that contribute to reviving the real estate market, bringing the market into the stage of screening, healthification and marketization.
Real estate industry experts have a general opinion that up to now, confidence from investors is gradually being restored, many new projects are starting to open for sale on the market, leading to an increase in the number of real estate transactions. product.
However, the improvement of new housing supply and the stability of buyers’ psychology is still happening slowly, requiring a lot of time to complete new projects. “At the same time, although investor psychology is gradually becoming more stable, it is still quite cautious, especially those who are facing financial pressure from previous investments” – Vnrea Vice President Nguyen Van Dinh stated his opinion and also predicted that in the period of late 2023 – early 2024, the real estate market will record more positive signs and will gradually stabilize between the end of the second quarter and the beginning of the second quarter. 2024.
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