Real estate market reports recently published by many research units show that, despite difficulties, the real estate market has had many positive indicators in the third quarter.
For example, according to the Vietnam Association of Realtors (VARS), the total transaction volume in the first 9 months of this year reached about 10,000 products, only about 10% compared to the same period in 2018 and 2019, before the Covid-19 pandemic.
Sharing about some segments in many localities that have shown signs of surpassing the "bottom", Mr. Le Dinh Chung - a member of the VARS Market Research Working Group - said that to determine whether the market has surpassed the "bottom" or not, it is necessary to give signs of surpassing the "bottom", such as no more deep discounts, price reductions stopping or prices starting to increase, investor sentiment recovering positively...
According to Mr. Chung, the real estate market in big cities has shown signs of hitting the bottom, focusing on the apartment and housing segment priced under 10 billion VND in the central core area.
Experts say that many real estate segments have hit "bottom" (Illustration: Ha Phong).
According to Mr. Chung, the land segment has not shown any positive signs, but there are signs of breaking the "bottom" in the auctioned land type, in the area around Hanoi. In particular, the price of around 2 billion VND, with an absorption rate of 70-80% with the auction price being about 5% higher than the starting price, can be transferred immediately with a difference of 30-50 million VND/lot.
Notably, according to Mr. Chung, the resort real estate segment is still gloomy and there are no clear positive signs.
To ensure that the growth cycle of markets that have "bottomed out" meets expectations and promote the recovery process in other segments and regions, Mr. Chung recommended that there should be mechanisms and policies to improve supply to the market.
"Currently, supply is still stuck, only about 10% of projects have been resolved," Mr. Chung emphasized.
Also discussing the recovery time of the real estate market, Mr. Nguyen Quoc Anh - real estate expert commented that the real estate market is likely to recover around the second quarter to the fourth quarter of 2024.
In particular, apartments will be the type of property that is predicted to lead the recovery trend of the real estate market. It is expected to fall in the first quarter of 2024 and the latest in the second quarter of 2024.
With the type of land trading, although it has decreased sharply, it still attracts great attention in the real estate market this year. Up to 46% of investors choose to spend money to buy land, 32% of customers who want to expand their living space also choose to buy land.
However, because it is mainly for investment, land will likely recover more slowly than other types and it may not be until the end of 2024 that this market reverses.
The real estate market is on the way to recovery (Illustration photo: Ha Phong).
Also giving his opinion on the real estate market in recent times, according to Mr. Nguyen Van Khoi - Chairman of the Vietnam Real Estate Association (VNREA) - from the third quarter of the past to the first two quarters of 2024, there will be more positive bright spots. In particular, the social housing and industrial real estate segments will have the most positive signs.
Regarding recovery, we must clearly state the level of recovery and compared to what point in time. We cannot say in general that we have recovered or are recovering.
From the second and third quarters of next year, the real estate market will officially enter the recovery cycle, with projects being implemented more vigorously, creating a large supply for the market. In particular, social housing and industrial real estate are still dominant.
For new commercial housing projects, it is hoped that the upcoming completion of the law will make it easier for projects to develop.
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