Property market hopes for brighter outlook in 2024

In 2024, the property market may witness a shortage of supply, especially from new and legally eligible projects. —Photo vneconomy.vn

HÀ NỘI — A brighter outlook is predicted for the property market in 2024 compared to last year thanks to favourable regulations and interest rates.

In 2024, the market may witness a shortage of supply, especially from new and legally eligible projects. Meanwhile, demand is unlikely to bounce back strongly, but some segments may record breakthroughs, Võ Hồng Thắng, Director of the consulting service and project development section of DKRA Group, told the Lao Động (Labour) daily.

The property market will have opportunities to show more positive performance when the 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 to come into force at the start of 2025, will help facilitate money flows and create favourable legal regulations for the market’s sustainable development, he noted.

Property expert Nguyễn Quốc Anh forecast the market will rebound from the second – fourth quarters of 2024 and begin flourishing in between Q2 and Q4 of 2025. It may gradually enter a phase of stability after Q1 of 2026.

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

Nguyễn Văn Đính, Chairman of the Việt Nam Association of Realtors, noted an array of businesses shut down last year while about 70 per cent of brokers quit their job. Companies are also grappling with the bond maturity pressure.

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

For the 2021-25 period, 475 social housing projects with 432,698 apartments for low-income earners and workers of industrial parks have been completed or under construction, according to the Construction Ministry.

Regarding the credit package worth VNĐ120 trillion (US$4.9 billion) for social and workers’ housing development and old apartment bloc renovation, 23 provinces have announced 54 eligible projects with demand for over VNĐ25.88 trillion. About VNĐ143.3 billion in loans has been disbursed for some of those projects so far, statistics show. — VNS