tỷ lệ bóng đá tây ban nha Real estate market to recover in Q2 2024, accelerate in 2025, experts predict

At tỷ lệ bóng đá tây ban nha Vietnam Real Estate Summit 2023 held by Batdongsan.com.vn in HCM City on December 14. — Photo courtesy of tỷ lệ bóng đá tây ban nha organizer

HCM CITY — Việt Nam's real estate market will bounce back starting from tỷ lệ bóng đá tây ban nha second quarter of 2024, and prosper into 2025, experts said.

Speaking at tỷ lệ bóng đá tây ban nha Việt Nam Real Estate Summit 2023 held by Batdongsan.com.vn in HCM City last week, Nguyễn Quốc Anh, deputy general director of tỷ lệ bóng đá tây ban nha property listing platform, said tỷ lệ bóng đá tây ban nha Vietnamese real estate market in 2023 has been experiencing positive changes and mirroring a previous cycle.

Specifically, real estate inventory increased strongly while prices slumped in tỷ lệ bóng đá tây ban nha 2008-2012 period, until a reversal signal appeared 2013 when credit was loosened, and a VNĐ30 trillion credit support package and tỷ lệ bóng đá tây ban nha Amended Land Law were passed to support tỷ lệ bóng đá tây ban nha real estate market.

Currently, in terms of interest rates, tỷ lệ bóng đá tây ban nha State Bank of Việt Nam has adjusted tỷ lệ bóng đá tây ban nha ceiling deposit interest rates three times and lowered tỷ lệ bóng đá tây ban nha policy interest rates four times this year. Many commercial banks have reduced deposit interest rates by 3-5 per cent compared to tỷ lệ bóng đá tây ban nha beginning of tỷ lệ bóng đá tây ban nha year.

Credit growth of tỷ lệ bóng đá tây ban nha entire banking sector reached 8.21 per cent as of November 22, lower that tỷ lệ bóng đá tây ban nha credit growth target of 14-15 per cent for this year.

In addition, tỷ lệ bóng đá tây ban nha Law on Real Estate Business and tỷ lệ bóng đá tây ban nha Law on Housing were passed last month, and will take effect from tỷ lệ bóng đá tây ban nha beginning of 2025, while tỷ lệ bóng đá tây ban nha Government's policies to support tỷ lệ bóng đá tây ban nha sector will boost tỷ lệ bóng đá tây ban nha market, he said.

He predicted that tỷ lệ bóng đá tây ban nha real estate market will show signs of a turnaround from Q2 to Q4 next year, with liquidity coming from apartment products meeting real housing needs.

tỷ lệ bóng đá tây ban nha market will enter a consolidation period from Q4 2024 to Q1 2025 under tỷ lệ bóng đá tây ban nha condition that monetary tools and policies are promoted on a large scale, helping to overcome difficulties in terms of capital resources. In addition, tỷ lệ bóng đá tây ban nha Law on Real Estate Business and Law on Housing, which will take effect from tỷ lệ bóng đá tây ban nha beginning of 2025, will contribute to freeing up money sources and resolving regulatory issues to create motivation for tỷ lệ bóng đá tây ban nha market to develop in a sustainable manner.

tỷ lệ bóng đá tây ban nha market will then enter a period of prosperity from Q2 to Q4 of 2025, he said, adding that this period will record strong economic development. Investors’ financial capacity and tỷ lệ bóng đá tây ban nha monetary environment will also improve, leading to a strong recovery in supply and liquidity in tỷ lệ bóng đá tây ban nha market.

He also forecast that tỷ lệ bóng đá tây ban nha market will enter a stable development period after tỷ lệ bóng đá tây ban nha first quarter of 2026. At that time, tỷ lệ bóng đá tây ban nha market will continue to enjoy good growth in terms of liquidity and prices, and many real estate products will appear, he added.

Worst of tỷ lệ bóng đá tây ban nha downturn has passed

In his recent report, Michael Kokalari, chief economist at VinaCapital, said: “tỷ lệ bóng đá tây ban nha downturn in Việt Nam’s real estate market has bottomed out, partly because mortgage rates peaked and are now headed lower. While a full-scale revival in tỷ lệ bóng đá tây ban nha market is not likely to take root until mid-2024, there are some signs that a rebound is already in tỷ lệ bóng đá tây ban nha making, including significant increases in tỷ lệ bóng đá tây ban nha prices of prime properties in downtown HCM City and Hà Nội and a pickup in tỷ lệ bóng đá tây ban nha volume of land lots changing hands.”

“tỷ lệ bóng đá tây ban nha latter is a segment of tỷ lệ bóng đá tây ban nha market which had been completely dead for months, and tỷ lệ bóng đá tây ban nha recent activity is a good indication that long term investors (as well as speculators) have started paying attention to tỷ lệ bóng đá tây ban nha real estate market again,” he said.

He also highlighted that tỷ lệ bóng đá tây ban nha prices of new housing units offered for sale in HCM City and Hà Nội are about flat year-on-year, but developers are reportedly offering mortgage assistance (e.g., extended grace periods) and other incentives to sell their units.

Furthermore, prices of apartments in tỷ lệ bóng đá tây ban nha secondary market for which tỷ lệ bóng đá tây ban nha seller does not have clear legal ownership status have seen a drop of circa 10 per cent.

This is just one example of how legal and regulatory issues continue to be tỷ lệ bóng đá tây ban nha main impediment to real estate development in Việt Nam.

“While there has been some recent incremental progress towards resolving those issues, we do not expect meaningful progress until well into 2024; although we see green shoots in Việt Nam’s real estate market, a full recovery is by no means underway yet,”  he said.

At tỷ lệ bóng đá tây ban nha beginning of November, senior government officials held high profile meetings with major Vietnamese developers to address issues that are impeding real estate development. Industry executives identified legal and regulatory issues as tỷ lệ bóng đá tây ban nha source of most of tỷ lệ bóng đá tây ban nha industry’s current difficulties, identifying inconsistencies in tỷ lệ bóng đá tây ban nha current regulations and legal framework as particularly problematic.

Two weeks later, Prime Minister Phạm Minh Chính set up a special government task force to address those issues. By tỷ lệ bóng đá tây ban nha end of November, new legislation was enacted to clarify certain specific issues such as tỷ lệ bóng đá tây ban nha exact options developers have in order to fulfill their obligation to produce affordable/social housing, and how much of a deposit developers are allowed to collect from home buyers before a project’s construction commences.

“We also remain hopeful that tỷ lệ bóng đá tây ban nha Government will take tỷ lệ bóng đá tây ban nha necessary measures to alleviate tỷ lệ bóng đá tây ban nha legal and regulatory bottlenecks that currently impede development activity in Việt Nam. A recovery in tỷ lệ bóng đá tây ban nha market would have broader implications for tỷ lệ bóng đá tây ban nha overall economy, not just for real estate developers, and would go a long way toward boosting consumer confidence in Việt Nam, which would in-turn also help support stock prices next year,” Kokalari added.

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