According to Mr. Duong Quoc Thuy, Chairman of the Can Tho City Real Estate Association (CaREA), by the end of 2023, the turbulent period in the Vietnamese real estate market was gradually ending, with bright spots emerging, creating a foundation for the market to flourish in the coming years.
The storm is gradually coming to an end.
"Capital flows into the real estate sector have been unblocked after a period of tightening, with four reductions in the State Bank of Vietnam's policy interest rate having a clear impact on the real estate market. The special attention from the Government and ministries and agencies, with more than 20 resolutions, decisions, decrees, circulars, directives, and official dispatches aimed at removing difficulties for the market, real estate investors, and the people, is unprecedented in the history of Vietnam's real estate development," Mr. Duong Quoc Thuy commented.
Customers view the rendering of a high-end apartment building developed by Dat Xanh Mien Tay Investment and Services Joint Stock Company. Photo: LINH MY
According to economist Dr. Can Van Luc, the amended Real Estate Business Law, Housing Law, and Land Law have been passed with positive changes, contributing to creating new momentum and expectations for the market.
In particular, the amended Law on Real Estate Business unifies and supplements many important legal concepts. The law clearly stipulates and increases the conditions for conducting real estate business, requiring the establishment of a company or a trading floor; it expands the right of Vietnamese citizens residing abroad to conduct real estate business…
According to Mr. Pham Van Luan, Vice Chairman of CaREA, the real estate market in Can Tho City is receiving many positive signals. Accordingly, the total number of real estate transactions in Can Tho City in 2023 reached 7,155 transactions, a decrease of 20% compared to 2022 (due to a scarcity of new products and the impact of market conditions). However, by the fourth quarter of 2023, the number of transactions increased by 8% compared to the third quarter.
Resurrection
The Mekong Delta is currently receiving attention from the Government and investors for the implementation of various projects. The improved transportation infrastructure connecting Ho Chi Minh City to Can Tho City helps shorten travel time. Infrastructure investment also creates economic and trade opportunities between Can Tho City and the Mekong Delta region, as well as Ho Chi Minh City and the Southeast region.
Mr. Nguyen Van Dinh - Chairman of the Vietnam Real Estate Brokers Association, Vice Chairman of the Vietnam Real Estate Association - said: "The Mekong Delta region still has much potential in terms of land resources and real estate value, as real estate prices are still low compared to other regions nationwide."
Therefore, the government's policy of boosting public investment in the Mekong Delta region will help to develop and exploit the region's existing potential and create momentum for the future. The provinces and cities in the Mekong Delta need to quickly seize this opportunity; in addition to investing in transportation systems, they should focus on investing in service infrastructure systems to meet needs and stimulate development."
As the central hub of the Mekong Delta region, Can Tho's real estate market is expected to flourish thanks to projects that have been, are being, and will be implemented, promising to create a ripple effect throughout the region. These include the Vinh Thanh Industrial Park, the Con Au 18-hole golf course project, and the AEON Mall Can Tho shopping center project, among others.
It is expected that, upon completion and commissioning, these projects will make a significant contribution to the socio-economic development of the city by creating many jobs, attracting investment, and developing the trade, service, and tourism sectors, including real estate. Furthermore, in 2023, Can Tho had 5 projects eligible to sell housing units under construction, including 3 commercial housing projects and 2 social housing projects, which further fueled the real estate market.
Simultaneously, the planning for the Mekong Delta provinces, approved by the Government, serves as a legal framework for managing and investing in socio-economic development during the period 2021-2030, with a vision to 2050. This has created a boost for the region's real estate market, which has significant development potential.
Forecasting the real estate situation in the Mekong Delta region this year, Mr. Do Cong Nguyen, General Secretary of CaREA, informed that the supply of primary projects in the region will be scarce, especially in the apartment segment, which is expected to increase by 5% to 10%.
"Luxury apartments have become a new trend in housing and investment, receiving positive reception. Land plots, however, will see a sharp price increase due to regulations prohibiting the subdivision and sale of land in special urban areas (categories I, II, and III) taking effect from January 1, 2025. Products with sound legal documentation, developed by reputable investors, meeting real needs, and offering favorable prices and policies will attract a large number of customers and investors," Mr. Nguyen analyzed.
Enhance market information dissemination to the public.
According to Dr. Can Van Luc, in 2024, ministries and agencies need to urgently issue guiding documents to ensure consistency and uniformity between the amended Land Law, Housing Law, and Real Estate Business Law, along with other related laws.
Meanwhile, real estate businesses are focusing on restructuring, greening, and digitizing their operations, actively participating in providing feedback on decrees and circulars guiding the implementation of laws. The government is strengthening market information dissemination to the public and relevant agencies to contribute to the development of a more open, transparent, and professional real estate market.
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Source: https://nld.com.vn/bat-dong-san-dang-khoi-sac-196240310204801427.htm
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