Real estate market to surmount difficulties next year: insiders | Business

Real estate market to surmount difficulties next year: insiders hinh anh 1The real estate market is expected to bounce back in 2024. (Photo: VNA)

Hanoi (VNA) – Real estate remains a good investment channel in the long
term, and the market will start recovering in 2024, insiders have said.

Experts
held that after a period of stagnation, the sharp downward trend no longer
continues in the real estate market.

Nguyen
Quoc Khanh, Vice Chairman of the Vietnam Association of Realtors, told the Lao
dong (Labour) daily that thanks to the State’s credit policies and businesses’
promotions, many people having demand have started making purchases.

In
the long term, real estate remains a good investment channel, he said.

He
predicted that the market will officially enter the stage of recovery in about
the second or third quarter of 2024, when projects will be implemented more
strongly to create large supply for the market.

Social
housing will make up the majority in the time ahead, Khanh opined.

Meanwhile,
Dr. Can Van Luc, Chief Economist at the Bank for Investment and Development of
Vietnam (BIDV), forecast a positive scenario for the market from the start of
Q1 next year.

Interest
rates have been falling, policies will further prove their effectiveness while
law violation cases will have basically been settled by that time, when
domestic and global economic recovery will also become clearer, he noted.

Property
expert Dinh Minh Tuan held that prices of land, especially large plots, are
likely to decline in the coming time, but they may continue increasing and
transactions will rebound in the long run.

Real
estate prices are dependent on other factors like infrastructure development,
economic growth, and people’s income. Meanwhile, land is a type of property
that any member of the market can invest in due to the diversity of areas,
prices, and regions it is located in. Land prices in the localities with good
economic growth will still rise sustainably, he said.

However,
some insiders also pointed out certain problems, including those related to
legal affairs and investors’ mobilisation of capital for project
implementation.

Expert
Nguyen Quoc Anh suggested the Government take more measures to assist
investors, particularly in terms of licensing and capital borrowing procedures,
to concurrently ensure sustainable supply and a safe environment for buyers./.

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