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Real estate market expected to roar back this year

The domestic real estate market is believed to have reached the bottom and expected to roar back to life this year thanks to a slew of measures taken by the Government, ministries, agencies and localities.
Real estate market expected to roar back this year ảnh 1The rebound of the domestic real estate market would be seen more clearly from the second quarter of this year. (Photo: VNA)
Hanoi (VNA) – The domestic real estate market is believed to have reached the bottom and expected to roar back to life this yearthanks to a slew of measures taken by the Government, ministries, agencies andlocalities.

The Government and the Prime Minister have issued variousdocuments and organised many conferences to get opinions from businesses, peopleand experts in ways to remove difficulties for the market.

Notably, the Government’s Resolutions No. 33/NQ-CP and No. 97/NQ-CPhave identified solutions, one of which is that real estate firms should prioritise paying debts and consider restructuring prices andproducts based on the real demand, said Le Hoang Chau, Chairman of the Ho ChiMinh City Real Estate Association.

Real estate market expected to roar back this year ảnh 2Illustrative image (Source: Lao dong (Labour) Newspaper)
Another is Decree No. 08/2023/ND-CP which removes problems in the individual bond corporate bond market, he continued.  

Chau also mentioned the Government programme toconstruct at least one million units of affordable “social housing” during 2021-2030,and the 120 trillion VND (4.92 billion USD) credit package launched by the StateBank of Vietnam (SBV) with incentive interest for both developers and buyers.

At the same time, the central bank has focused on perfecting thelegal framework, streamlining procedures, and increasing preferential creditpackages to make it easier for people and enterprises to access bank loans, according to SBV Standing Deputy Governor Dao Minh Tu.  

The National Assembly (NA) has adopted theHousing Law and the Law on Real Estate Business, which are expected to create aboost for the market after they take effect in early 2025.

Experts, however, pointed to outstanding challenges in terms of institutions,credit loans, bonds and the implementation of mechanism and policies inlocalities.

Nguyen Quoc Hiep, Chairman of GP. Invest, said there are almost no new projects at present owing to legal problems, which is also themain cause behind the supply-demand mismatch.

Given this, he suggested localities actively engage in reforming administrativeprocedures and untangle knots for the ongoingones. He also pins hope on a new Land Law, saying that it will decide the recovery of the property market.

Economist Can Van Luc held that the rebound would beseen more clearly from the second quarter of this year when the Government’sincentives begin to work, financial cases are settled, and the corporate bondmarket sails through the rough time./.
VNA
#domestic real estate market #Government #Prime Minister #Ho Chi Minh City Real Estate Association #bond corporate bond market #Vietnam #VietnamPlus #Vietnam news
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