After the first 6 months of 2024, the real estate market in the country in general and in the Southern region in particular is assessed to have received many positive signs. Many segments are recovering due to transactions and increasing liquidity.
Notably, entering the final stage of 2024, experts believe that many factors related to credit, law, and customers' financial comfort are positively impacting market development.
Talking to Nguoi Dua Tin , Mr. Ha Van Thien, Deputy General Director of Tran Anh Group (Tran Anh Group) shared: "Since the beginning of 2023, the real estate market in the Southern region has had many positive changes, when projects gradually appeared and customers had the need to learn about buying projects instead of speculating as before. Besides, meetings on organizing credit capital disbursement, applying the amended Land Law, the Law on Real Estate Business... also made the real estate market gradually heat up".
The real estate market is expected to be renewed when the Land Law takes effect from August 1, 2024.
"The evidence is that the laws that have been applied and come into effect since August 1st are one of the keys to making the real estate market more transparent and the regulations clearer. In addition, when the law officially comes into effect, investors and businesses will prepare their projects and launch products with full legality, creating prestige for individual businesses and the market. In addition, it ensures benefits for customers. This will stimulate market supply in the coming time," said Mr. Ha Van Thien, Deputy General Director of Tran Anh Group.
A corner of Thu Duc city, Ho Chi Minh city where a series of real estate projects are being developed and expected to lead the market in the near future.
Meanwhile, Mr. Nguyen Van Dinh, Chairman of the Vietnam Association of Real Estate Brokers (VARS), said: Currently, for the housing segment, the new laws will take effect soon, and project development businesses will have the motivation to "launch" their products with more extensive communication activities.
VARS forecasts that real estate supply in the second half of 2024 will continue to improve, estimated to increase by about 20% compared to the first 6 months of 2024.
In particular, the large supply comes from the high-end and luxury apartment segment with product quality and selling prices clearly recovering. Low-rise products will also be launched more when large projects are completing the final stages to enter the market.
Demand for housing will continue to remain high, along with investment demand recovering by about 30% compared to the beginning of the year and moving towards new markets with much room for price increases,... which will push the number of transactions to continue to increase.
The Vietnam Real Estate Brokers Association predicts that real estate transactions in the coming time will increase by 20% (compared to the first 6 months of the year) and will focus mainly on the end of the year.
In addition, liquidity in the secondary market has also improved and will have the most obvious change at the end of the year when the efforts of State management agencies and real estate enterprises are more effective.
Apartments are currently the leading segment of the Southern market. If the laws are applied and put into practice, many projects are unstuck, the housing supply in Ho Chi Minh City will increase.
With the primary supply of apartments, mainly luxury apartments, increasing, the average price of apartments in projects with prices around 40 million VND/m2 will continue to increase, but at a slower rate, around 100-300 million/apartment.
Transactions and prices of villas/townhouses and townhouses will also improve across the board, especially in the secondary market, thanks to the previous recovery foundation and investors' expectations of higher returns.
VARS also expects that the land segment at the end of the year will grow and escape the bottom because of the new price list activities being applied, investors "hunting" for large land lots, and project land areas with infrastructure and clear legal status will attract customers.
New milestone when the Land Law is applied
In addition to assessing the market, experts say that the current milestone of the market will start from the Land Law, Housing Law and Real Estate Business Law coming into effect, which are expected to be positive factors affecting market demand.
Mr. Nguyen Van Dinh assessed that during the period of waiting for the new Laws to be fully absorbed, the real estate market will continue to recover sustainably with gradually improving results. By the end of the year, the recovery process of the real estate market will have clear progress.
Speaking with Nguoi Dua Tin , Mr. Pham Van Binh, General Director of Keyone Land Real Estate Investment and Development JSC, commented: "The Laws approved by the National Assembly and officially applied from August 1, 5 months earlier than the previous decision, will certainly have a positive impact, contributing to promoting the recovery and development of the real estate market."
Mr. Pham Van Binh (left), General Director of Keyone Land Real Estate Investment and Development JSC.
"Since the beginning of the year, investors and consumers have been waiting for legal regulations and efforts to remove obstacles for real estate businesses and stimulate the market. Investors and developers expect the laws to be applied in practice to be transparent and clear, and for the cash flow to flow smoothly into real estate, so that businesses operating in this field will have the support to recruit, train, meet new regulations, and create a new game for this period," Mr. Binh shared.
A real estate expert in Ho Chi Minh City also commented that once the laws are clear, businesses and investors are no longer as cautious as before. This promises a vibrant end to the year for the real estate market, when old and new projects are all spinning in a new cycle.
Source: https://www.nguoiduatin.vn/ky-vong-bat-dong-san-thoat-day-nong-dan-trong-nhung-thang-cuoi-nam-204240801140436599.htm
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