Business

Property market hopes for brighter outlook in 2024

A brighter outlook is predicted for the property market in 2024 compared to last year thanks to favourable regulations and interest rates.
Property market hopes for brighter outlook in 2024 ảnh 1The property market is expected to show more positive performance in 2024. (Photo: VNA)
Hanoi (VNA) – A brighter outlook is predicted for the property market in2024 compared to last year thanks to favourable regulations and interest rates.

In2024, the market may witness a shortage of supply, especially from new and legallyeligible projects. Meanwhile, demand is unlikely to bounce back strongly, butsome segments may record breakthroughs, Vo Hong Thang, Director of theconsulting service and project development section of DKRA Group, told the Laodong (Labour) daily.

Theproperty market will have opportunities to show more positive performance whenthe Land Law is approved and takes effect, and other legal corridors are perfected.Besides, the Law on Real Estate Trading and the Law on Housing, scheduled tocome into force at the start of 2025, will help facilitate money flows andcreate favourable legal regulations for the market’s sustainable development,he noted.

Propertyexpert Nguyen Quoc Anh forecast the market will rebound from the second -fourth quarters of 2024 and begin flourishing in between Q2 and Q4 of 2025. It maygradually enter a phase of stability after Q1 of 2026.

Headded the market will continue growing well in terms of liquidity and prices,and many types of real estate will appear.

NguyenVan Dinh, Chairman of the Vietnam Association of Realtors, noted an array of businessesshut down last year while about 70% of brokers quit their job. Companiesare also grappling with the bond maturity pressure.

However,thanks to the Government’s strong moves to tackle difficulties as well as localauthorities and businesses’ joint efforts, positive signs have been spotted inthe property market.

Forthe 2021 - 2025 period, 475 social housing projects with 432,698 apartments forlow-income earners and workers of industrial parks have been completed or underconstruction, according to the Construction Ministry.

Regardingthe credit package worth 120 trillion VND (4.9 billion USD) for social andworkers’ housing development and old apartment bloc renovation, 23 provinceshave announced 54 eligible projects with demand for over 25.88 trillion VND. About143.3 billion VND in loans has been disbursed for some of those projects so far,statistics show./.
VNA
#property market #Land Law #real estate #Vietnam Association of Realtors #social housing #Law on Real Estate Trading #Law on Housing #updated Vietnam news #Vietnamplus #Vietnam News Agency
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