The real estate market in 2024 will be guided by a 22% increase in real estate business credit in the first nine months of 2023 compared to the same time last year. It is clear that firms are increasingly gaining access to more funds in order to manage financial problems.
Mr. Tran Minh Tien, Director of the Market Research and Customer Understanding Center at One Mount Real Estate, told Business Forum Magazine that in 2024, urban regions in the East and West are projected to continue dominating the market with high-end and luxury items.
In your opinion, which segment will lead the real estate market in 2024?
According to the One Mount Real Estate Research Center, the trend of real estate servicing actual needs will continue to fuel the market's recovery in 2024. The fastest rebound in the Hanoi market in the coming year will be witnessed in apartment developments and landed properties in inner-city areas. Other sorts of properties will recover more slowly than those with significant actual demand.
How can you predict supply and sales prices in the apartment market?
The real estate supply in the Hanoi area is predicted to focus on significant metropolitan centers in the East and West in 2024. Due to their facilities and efficient transit, these metropolitan districts have gained popularity with purchasers over the last three years, accounting for 58% of total real estate sales in Hanoi in the first nine months of the year.
These metropolitan regions are expected to continue to dominate the market for high-end and luxury goods in 2024.
How will the present challenges effect supply in Vietnam's property market in the future year?
Currently, the market's two major difficulties, financing and legal concerns, are only partially handled. When compared to the same period last year, real estate business credit climbed by 22% in the first nine months of 2023. This suggests that many organizations are progressively acquiring access to greater money in order to solve short-term cash flow issues.
Long-term cash flow concerns, particularly for projects facing legal challenges, may, however, necessitate more decisive action from the government in the future to improve market supply.
For homebuyers, what can they expect from the real estate market in 2024?
According to the One Mount Real Estate Research Center, as primary supply grows, homeowners will have more alternatives in 2024. The fall in interest rates for house loans since the beginning of the year is also an opportunity for many families, particularly those with immediate housing requirements.
Furthermore, many developers' installment payment programs serve to lessen the strain for many families with limit ed finances.
What are your predictions for the real estate market in 2024, given the new legislation presently being debated?
Legal amendments like the Land Law 2013 amendment and the Real Estate Business Law 2014 amendment have always had a favorable influence on the real estate market in the past. The Vietnam real estate industry will have three significant laws revised between 2023 and 2024: the Housing Law, the Real Estate Business Law, and the Land Law.
We anticipate that these regulatory changes will make the market more transparent and healthy, not only giving a huge push for 2024 but also setting the framework for a new market cycle in the coming years.