DNVN - Sharing with Vietnam Business Magazine, Mr. Nguyen Van Dinh - Chairman of the Vietnam Association of Real Estate Brokers (VARS) said that the new laws related to real estate and housing have just come into effect, so it needs time to penetrate. It is expected that the housing market will be unstuck by the end of 2024, early 2025.
According to Mr. Nguyen Van Dinh - Chairman of the Vietnam Association of Real Estate Brokers (VARS), the real estate market has begun to show quite positive signs in the first 9 months of 2024. Real estate projects that were previously hesitant to launch on the market have begun to be pushed into the market at this stage, increasing supply.
However, the current housing market shows weak supply and poor quality. Products in the low-end and affordable segments are almost everywhere on the market. Social housing has been promoted by the Government with many mechanisms, but there are not many qualified products on the market.
“We believe that this is the period when the Law on Real Estate Business (amended) 2023, the Law on Housing (amended) 2023, and the Law on Land (amended) 2024 will come into effect. New laws always have a delay, the penetration of the law takes time, so directly addressing the difficulties and obstacles of institutions, especially institutions for social housing development, must wait a while longer.
I hope that in late 2024 and early 2025, many projects will have their difficulties resolved, and then supply will increase," said Mr. Dinh.
The Chairman of VARS expressed concern that the supply in the low-end housing market (mid-range and affordable) would be difficult to stimulate without more active participation from local authorities. If so, the supply of this segment will continue to be lacking in the market.
“This is not a good sign for the housing market, when the market is highly polarized between two groups: high-end commercial housing products and social housing. Social housing, although supported and promoted by the State, is difficult to appear, leading to a shortage and imbalance in the market,” Mr. Dinh emphasized.
The Chairman of VARS recommends that the market regulation policy in the coming time should promote the affordable segment more. The instability in the housing market such as high prices for the affordable segment in the past time is due to very weak supply and strong demand. When supply improves and increases, it helps balance the market and prices are regulated more reasonably.
“It is necessary to regulate the market in the direction of increasing supply when there is a shortage of supply, and increasing the product segment when there is a shortage of a product segment. The implementation of the new legal framework and dissemination of new regulations also need to be accelerated,” Mr. Dinh recommended.
Ha Anh
Source: https://doanhnghiepvn.vn/kinh-te/bat-dong-san/ky-vong-thi-truong-nha-o-duoc-go-kho-vao-cuoi-nam-2024-dau-2025/20241010061255283
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