Illustrative image (Photo: Vietnam+) Hanoi (VNA) - Experts say the key to revitalizing the real estate market lies in the swift refinement of the legal framework, specifically through the issuance of detailed guidelines for laws, particularly the Land Law and the Real Estate Business Law.
With the simultaneous amendment of four crucial laws related to real estate, namely the Housing Law (revised), the Real Estate Business Law (revised), the Land Law (revised), and the Credit Institutions Law (revised), all of which were ratified by the National Assembly, experts and representatives from management agencies unanimously acknowledge that the previous policy loopholes have been addressed. This development is expected to kickstart numerous real estate and social housing projects in 2024.
However, the experts say it is crucial to promptly refine the legal framework by issuing guidelines to specify these laws for further market development.
Le Hoang Chau, Chairman of the Ho Chi Minh City Real Estate Association (HoREA), said that the National Assembly's passage of laws related to land and housing meets the requirements for a comprehensive completion of policies and laws on land management and use in accordance with the socialist-oriented market economy.
Additionally, throughout 2023, the government and various ministries held numerous meetings to propose solutions for alleviating the real estate market's key difficulties. With these efforts, Chau said, the real estate market is in the process of recovery.
Numerous real estate projects are expected to commence in 2024. (Photo: Vietnam+) Dr. Can Van Luc, Chief Economist at BIDV, and a member of the National Financial-Monetary Policy Advisory Council, also affirmed that the four important laws related to real estate, recently passed and effective from January 1, 2025, will harmonise and standardise policies, thereby increasing transparency for policies to foster transparent market development.
"Transactions through digital platforms will enhance transparency in the real estate market. The laws will also address historical bottlenecks, contributing to the efficient utilization of real estate market resources," emphasized Mr. Luc.
Promoting a healthy real estate market. (Photo: Vietnam+) Hoang Hai, Director of the Department of Housing and Real Estate Market Management, stated that 70% of the previously identified legal obstacles have been resolved. Although the Housing Law and the Real Estate Business Law will only become effective on January 1, 2025, fundamentally, 2024 will set a momentum for the market.
Taking social housing as an example, Hai emphasised that issues concerning planning, pricing, incentives, land funds, and capital development for social housing, when applied, will create a high supply during a time of housing market shortage.
Looking ahead to 2024, Hai forecasts two promising areas: industrial real estate and the implementation of approved social housing investment policies.
"Therefore, there will be numerous projects commencing in 2024. The government has also tasked the completion of 130,000 social housing units by the end of 2024," Hai noted./.
