Real estate market to surmount difficulties next year: insiders

Real estate remains a good investment channel in the long term, and the market will start recovering in 2024, insiders have said.

The real estate market is expected to bounce back in 2024

Experts held that after a period of stagnation, the sharp downward trend no longer continues in the real estate market.

Nguyen Quoc Khanh, Vice Chairman of the Vietnam Association of Realtors, told the Lao dong (Labour) daily that thanks to the State’s credit policies and businesses’ promotions, many people having demand have started making purchases.

In the long term, real estate remains a good investment channel, he said.

He predicted that the market will officially enter the stage of recovery in about the second or third quarter of 2024, when projects will be implemented more strongly to create large supply for the market.

Social housing will make up the majority in the time ahead, Khanh opined.

Meanwhile, Dr. Can Van Luc, Chief Economist at the Bank for Investment and Development of Vietnam (BIDV), forecast a positive scenario for the market from the start of Q1 next year.

Interest rates have been falling, policies will further prove their effectiveness while law violation cases will have basically been settled by that time, when domestic and global economic recovery will also become clearer, he noted.

Property expert Dinh Minh Tuan held that prices of land, especially large plots, are likely to decline in the coming time, but they may continue increasing and transactions will rebound in the long run.

Real estate prices are dependent on other factors like infrastructure development, economic growth, and people’s income. Meanwhile, land is a type of property that any member of the market can invest in due to the diversity of areas, prices, and regions it is located in. Land prices in the localities with good economic growth will still rise sustainably, he said.

However, some insiders also pointed out certain problems, including those related to legal affairs and investors’ mobilisation of capital for project implementation.

Expert Nguyen Quoc Anh suggested the Government take more measures to assist investors, particularly in terms of licensing and capital borrowing procedures, to concurrently ensure sustainable supply and a safe environment for buyers./.

VNA