Property market hopes for brighter outlook in 2024

A brighter outlook is predicted for the property market in 2024 compared to last year thanks to favourable regulations and interest rates.

The property market is expected to show more positive performance in 2024. (Photo: VNA)

In 2024, the market may witness a shortage of supply, especially from new and legally eligible projects. Meanwhile, demand is unlikely to bounce back strongly, but some segments may record breakthroughs, Vo Hong Thang, Director of the consulting service and project development section of DKRA Group, told the Lao dong (Labour) daily.

The property market will have opportunities to show more positive performance when the Land Law is approved and takes effect, and other legal corridors are perfected. Besides, the Law on Real Estate Trading and the Law on Housing, scheduled to come into force at the start of 2025, will help facilitate money flows and create favourable legal regulations for the market’s sustainable development, he noted.

Property expert Nguyen Quoc Anh forecast the market will rebound from the second - fourth quarters of 2024 and begin flourishing in between Q2 and Q4 of 2025. It may gradually enter a phase of stability after Q1 of 2026.

He added the market will continue growing well in terms of liquidity and prices, and many types of real estate will appear.

Nguyen Van Dinh, Chairman of the Vietnam Association of Realtors, noted an array of businesses shut down last year while about 70% of brokers quit their job. Companies are also grappling with the bond maturity pressure.

However, thanks to the Government’s strong moves to tackle difficulties as well as local authorities and businesses’ joint efforts, positive signs have been spotted in the property market.

For the 2021 - 2025 period, 475 social housing projects with 432,698 apartments for low-income earners and workers of industrial parks have been completed or under construction, according to the Construction Ministry.

Regarding the credit package worth 120 trillion VND (4.9 billion USD) for social and workers’ housing development and old apartment bloc renovation, 23 provinces have announced 54 eligible projects with demand for over 25.88 trillion VND. About 143.3 billion VND in loans has been disbursed for some of those projects so far, statistics show./.

VNA