The real estate market began to record bright spots

VCN - According to the Vietnam Real Estate Brokers Association, the number of transactions across the market has gradually increased over time. However, in the first 9 months of 2023, the number of new transactions is only about 50% compared to the same period last year.
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The real estate market began to record bright spots
The real estate market began to record bright spots in localities with many supply sources suitable to demand such as Hanoi, Hai Phong, Lao Cai, Da Nang, Ho Chi Minh City... Photo: H.Anh

Escape the risk of "losing the brakes"

Citing data from the report "Assessing the recovery process of Vietnam's real estate market in the third quarter of 2022 and forecasting the market situation in the fourth quarter of 2023", Ms. Pham Thi Mien, Deputy Department of Market Research and Consulting Real estate investment promotion consultant, Vietnam Association of Real Estate Brokers (VARS) said that liquidity in the real estate market is gradually improving, especially compared to the difficult period at the end of last year and the first months of this year.

The market began to record more bright spots. These are localities with developed economies that are interested in and focused on promoting investment in infrastructure and transportation, with many supply sources suitable to needs such as Hanoi, Hai Phong, Lao Cai, Da Nang, and Ho Chi Minh City. …

The above results are thanks to the efforts, links and close coordination between state management agencies and businesses, thanks to the drastic actions of the Government and agencies and ministries to remove difficulties, problems, developing a safe, healthy and sustainable real estate market.

According to statistics, there are nearly 20 related moves and legal documents issued continuously and continuously from the Government, with content increasingly closer to the actual needs of the market and businesses. in the spirit of receiving comments, making amendments and supplements in accordance with the national housing strategy.

Information about hundreds of projects being dismantled and restarted contributes to creating more trust and strength for the market as well as participating entities, helping the market to be better next month than last month, and better next quarter. last quarter. Although the market does not have enough strength to be able to "overcome the slope", it has partly escaped the risk of "losing the brakes", said Ms. Pham Thi Mien.

The number of transactions across the market gradually increases over time with more products that suit people's needs being introduced into the market.

Accordingly, in the second quarter of 2023, the market recorded 3,700 transactions, an increase of 37% compared to 2,700 in the first quarter. By the third quarter, the market recorded nearly 6,000 transactions, 1.5 times more than in the second quarter and more than 2 times higher. times compared to the first quarter of 2023. However, in the first 9 months of 2023, the number of new transactions is only about 50% compared to the same period last year and about 20% compared to the land fever period.

The reason is that the market still lacks supply of social housing and affordable housing, because house prices are continuously increasing and there is no sign of stopping.

Is real estate in big cities showing signs of bottoming out?

According to assessments, the recovery of the economy along with positive forecasts of economic growth in recent times will lead to increased demand for real estate in all segments. Especially in a situation where supply is tight for many reasons, an increase in real estate prices in the near future is something that can be considered.

In addition, the State Bank has lowered operating interest rates 4 times in a row since March 2023. Bank loan interest rates have had a clear downward adjustment, ranging from 6.7% to 10%, approaching the level of early 2022, down from 0.4% to 3.5% compared to the end of the second quarter of 2023. . This is a favorable interest rate for home buyers.

VARS's recent survey results with members who are active real estate brokers show that up to 60% of respondents said their customers are investors who have participated in the market. Real estate will previously invest in real estate if interest rates continue to decrease.

However, to ensure safety in the context of difficult production and business and poor capital absorption of the economy, they will be more cautious in choosing, calculating, and exploiting financial loan packages as well. We will not go all-in on these investment channels.

Besides, most of the brokers questioned also highly appreciated the efforts of state management agencies and made positive forecasts about the recovery process of the real estate market.

Assessing whether the market has crossed the bottom or not, Mr. Le Dinh Chung, General Director of SGO Homes, said that the residential real estate market in major cities has shown signs of bottoming out, focusing on the apartment and house segments. at a price of less than 10 billion VND in the central core area.

Meanwhile, the land segment has not had positive signals but has shown signs of breaking through the bottom in the auction land type, in the area around Hanoi, the price is around 2 billion VND, with an absorption rate of 70%. -80% with an auction price about 5% higher than the starting price, can be transferred immediately with a difference of 30-50 million VND/plot. As for the real estate and resort tourism segments, representatives of SGO Homes said they are still gloomy.

By Hoai Anh/ Huu Tuc

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