Real estate is booming

Mr. Duong Quoc Thuy, Chairman of the Can Tho Real Estate Association (CaREA), said that by the end of 2023, the storms of the Vietnamese real estate market will gradually end, with bright spots appearing, creating a stepping stone for the market to flourish in the coming years.

The storm is gradually closing in

"The capital flow for the real estate sector has been unblocked after a period of tightening, the 4 times of reducing the operating interest rate of the State Bank has clearly impacted the real estate market. The special attention of the Government and ministries and branches when there are more than 20 resolutions, decisions, decrees, circulars, directives, and telegrams with the aim of removing difficulties for the market, real estate investors and people. This is a "unique" rescue in the history of the development of the Vietnamese real estate industry" - Mr. Duong Quoc Thuy commented.

Customers view the perspective of the luxury apartment complex invested by Dat Xanh Mien Tay Service and Investment Joint Stock Company. Photo: LINH MY

Dr. Can Van Luc, economic expert, informed that the revised Law on Real Estate Business, the Housing Law and the Land Law were passed with positive changes, contributing to creating new momentum and expectations for the market.

In particular, the amended Law on Real Estate Business unifies and supplements many important legal concepts. The Law clearly stipulates and increases the conditions for real estate business, such as the need to establish a business or a trading floor; expands the right to do real estate business of Vietnamese people residing abroad who are Vietnamese citizens...

According to Mr. Pham Van Luan, Vice President of CaREA, the real estate market in Can Tho City has received many positive signals. Accordingly, the total volume of real estate transactions in Can Tho City in 2023 reached 7,155 transactions, down 20% compared to 2022 (due to the scarcity of new products and the impact of the market situation). However, by the fourth quarter of 2023, the volume of transactions increased by 8% compared to the third quarter.

Revival

The Mekong Delta is receiving attention from the Government and investors to implement projects. The traffic infrastructure from Ho Chi Minh City to Can Tho City is connected, helping to shorten travel time. Investment in infrastructure also creates economic space, trade space between Can Tho City and the Mekong Delta with Ho Chi Minh City and the Southeast region.

Mr. Nguyen Van Dinh - Chairman of Vietnam Real Estate Brokers Association, Vice Chairman of Vietnam Real Estate Association - said: "The Mekong Delta region still has a lot of room for land fund and real estate value when real estate prices are still low compared to other regions in the country.

Therefore, the Government's policy of promoting public investment in the Mekong Delta region will help promote and exploit the available space and potential of the region and create momentum in the coming time. Provinces and cities in the Mekong Delta need to quickly seize the opportunity, in addition to investing in the transportation system, they need to focus on investing in service infrastructure systems to meet the needs and stimulate development."

As the center of the Mekong Delta, the Can Tho real estate market is expected to flourish thanks to projects that have been, are being and will be implemented, promising to create a ripple effect throughout the region. These include Vinh Thanh Industrial Park, the 18-hole Con Au golf course project, the AEON Mall Can Tho Commercial Center project, etc.

It is expected that when completed and put into use, these projects will contribute significantly to the city's socio-economic development by creating many jobs, attracting investment, developing the trade - service, tourism sectors... including real estate. In addition, in 2023, Can Tho will have 5 projects eligible to sell future housing, including 3 commercial housing projects and 2 social housing projects, which will add heat to the real estate market.

At the same time, the planning of the Mekong Delta provinces approved by the Government plays the role of a legal framework for management and investment in socio-economic development in the period of 2021 - 2030, with a vision to 2050. This creates a boost for the real estate market of the region with great development potential.

Forecasting the real estate situation in the Mekong Delta region this year, Mr. Do Cong Nguyen, General Secretary of CaREA, informed that the supply of primary projects in the region will be scarce, especially the apartment segment will increase from 5% to 10%.

"High-end apartments have become a new residential and investment trend, and have been positively received. Land prices will increase sharply because of the regulation that land plots cannot be divided into plots and sold in special urban areas, I, II, III, which will take effect from January 1, 2025. Products with standard legal documents, developed by reputable investors, meeting real needs, with good prices and policies will attract a large number of customers and investors to invest in them," Mr. Nguyen analyzed.

Strengthen market information to people

According to Dr. Can Van Luc, in 2024, ministries and branches need to urgently issue implementation guidance documents to ensure consistency and synchronization between the Land Law, Housing Law, and the amended Real Estate Business Law along with other related laws.

Meanwhile, real estate enterprises focus on restructuring, greening, and digitalizing their operations, actively participating in giving opinions on decrees and circulars guiding the law. The State increases market information to the people and relevant agencies to contribute to the development of a more open, transparent, and professional real estate market.

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Source: https://nld.com.vn/bat-dong-san-dang-khoi-sac-196240310204801427.htm