Tourism and resort real estate still facing difficulties
The Vietnam Real Estate Market Report for the third quarter and the first 9 months of 2024 by the Vietnam Association of Realtors (VARS) said that the Vietnamese real estate market is gradually recovering after a difficult period, but each segment still faces its own challenges.
Accordingly, the industrial real estate segment continues to maintain its "heat" with a strong growth in the number of newly implemented projects, along with increasingly abundant FDI capital.
The occupancy rate of industrial parks (IPs) in operation has maintained a stable growth rate, reaching about 75%. Of which, the key northern provinces reached 82% and the key southern provinces reached 92%.
However, Mr. Le Dinh Chung - Member of the VARS Market Research Working Group, General Director of SGO Homes assessed that the occupancy rate of established industrial parks is still difficult to increase because supply and demand are "waiting" for each other: industrial park investors have to close new customers to invest in infrastructure while investors only decide to invest in projects that already have infrastructure.
The challenge of this segment also comes from the requirement to "green" industrial parks, meet the increasing demands of investors and the country's sustainable development orientation.
Industrial real estate continues to maintain its "heat" with the number of newly implemented projects growing strongly.
The commercial real estate segment of offices and retail continues to grow with great long-term potential from increasing demand in both scale and quality.
Modern, high-end offices with green certification and meeting sustainable development standards continue to attract tenants, especially foreign businesses.
New shopping malls, integrating many activities, also continue to be popular. Meanwhile, old office buildings, old shopping malls, not actively renovated and upgraded, along with small townhouses on prime streets, record increasingly high vacancy rates .
Mr. Chung also mentioned the difficulties of the tourism and resort real estate market.
Accordingly, in the third quarter of 2024, the Vietnamese tourism and resort real estate market recorded about 945 new products, a sharp decrease of only 35% compared to the previous quarter and equivalent to the same period in 2023. This decline was mainly due to the new supply in the previous quarter arising locally from a large project.
In the first 9 months of 2024, the entire tourism and resort market recorded 4,059 new products for sale, an increase of 80% over the same period in 2023 but only reaching 25% over the same period in 2022.
What is the forecast for the last months of 2024?
Based on the results recorded from the third quarter of 2024, VARS forecasts that if factors such as legal policies, finance and public investment continue to improve, the real estate market is likely to continue to heat up in the final period of the year when the new legal corridor officially comes into effect, when investors continue to promote project implementation,...
In particular, housing supply will continue to be promoted, creating a driving force for the market, through M&A activities in the direction of "contributing rice to cook rice together".
An important emphasis mentioned in the report is that the State will continue to strengthen market supervision and regulation, ensuring stability and proper development.
At the same time, the green real estate trend is emerging, expected to lead the market in the new cycle.
Segments will continue to record recovery: luxury apartments continue to lead the market, villas and townhouses become more vibrant, land with clean legal status attracts investors, and social housing (NOXH) will have more opportunities thanks to new regulations.
Industrial real estate will grow, resort real estate will have the opportunity to improve thanks to condotels being granted certificates.
Source: https://www.nguoiduatin.vn/thi-truong-bds-se-tiep-tuc-tang-nhet-trong-giai-doan-cuoi-nam-204241014151645779.htm
Comment (0)