Each segment still faces its own challenges.
Mr. Le Dinh Chung, General Director of SGO Homes, said that the Vietnamese real estate market is gradually recovering after a difficult period, but each segment still faces its own challenges.
Analyzing this issue further, Mr. Le Dinh Chung said: The industrial real estate segment continues to maintain its "heat" with the number of newly implemented projects growing strongly, along with increasingly "abundant" FDI capital.
The occupancy rate of industrial parks (IPs) in operation has maintained a stable growth rate, reaching about 75%. Of which, the key northern provinces reached 82% and the key southern provinces reached 92%.
Vietnam's real estate market is gradually recovering from a difficult period, but each segment still faces its own challenges. (Photo: ST)
However, the occupancy rate of established industrial parks is still difficult to increase because supply and demand are "waiting" for each other: industrial park investors "close" new customers to invest in infrastructure while investors only decide to invest in projects with existing infrastructure. The challenge of this segment also comes from the requirement to "green" industrial parks, meet the increasing demands of investors and the country's sustainable development orientation.
The commercial real estate segment of offices and retail continues to grow with great potential in the long term from the increasing demand in both scale and quality. Modern, high-end offices with green certification and meeting sustainable development standards continue to attract tenants, especially foreign enterprises. New commercial centers, integrating many activities, also continue to be "popular".
Meanwhile, old office buildings and old shopping malls that are not actively renovated or upgraded, along with small townhouses on prime streets, are recording increasingly high vacancy rates.
Mr. Chung also mentioned the difficulties of the tourism and resort real estate market. Accordingly, in the third quarter of 2024, the Vietnamese tourism and resort real estate market recorded about 945 new products, a sharp decrease of only 35% compared to the previous quarter and equivalent to the same period in 2023.
This decline was mainly due to the new supply in the previous quarter arising locally from a large project. In the first 9 months of 2024, the entire tourism and resort market recorded 4,059 new products for sale, an increase of 80% compared to the same period in 2023 but only reaching 25% compared to the same period in 2022.
What is the forecast for the last months of 2024?
According to the forecast of the Vietnam Association of Realtors (VARs), if factors such as legal policies, finance and public investment continue to improve, the market is likely to continue to "heat up" in the final stage of the year when the new legal corridor officially comes into effect, when investors continue to accelerate project implementation,... In particular, housing supply will continue to be promoted, creating a driving force for the market, through M&A activities in the direction of "contributing rice to cook rice together".
An important emphasis mentioned in the report is that the State will continue to strengthen market supervision and regulation, ensuring stability and proper development. At the same time, the green real estate trend is emerging, expected to lead the market in the new cycle.
The market is likely to continue to "heat up" in the final stages of the year. (Photo: ST)
The segments will continue to record recovery: luxury apartments continue to lead the market, villas and townhouses become more vibrant, clean legal land attracts investors, and social housing (NOXH) will have more opportunities thanks to new regulations. Industrial real estate will grow, resort real estate will have the opportunity to improve thanks to condotels being granted certificates.
In the context of the increasingly improved legal corridor, VARS recommends that investors, trading floors and real estate brokers need to proactively update and promptly grasp new changes. At the same time, businesses need to adjust their business strategies to suit the legal corridor and market development trends.
Specifically, VARS recommends that investors should promote research and development of products in line with trends and affordability of the majority of people. Real estate trading floors must enhance their responsibility in legal appraisal of projects, in order to ensure the selection of quality projects for distribution.
For Real Estate Brokers, participating in training programs and taking professional certification exams is an important step to build professionalism and reputation in the profession.
In addition, investors, trading floors and real estate brokers should focus on their strengths, avoid "spreading out and taking on too much" which reduces operational efficiency, disperses resources and makes it difficult to achieve optimal results. In all activities, the common market should be taken as the key. It is necessary to clearly define that "if the market is healthy", "real estate businesses and brokers will be healthy, then customers and investors will feel secure".
Source: https://www.congluan.vn/bat-dong-san-cuoi-nam-2024-nguon-cung-nha-o-se-tang-nho-chien-luoc-gop-gao-thoi-com-chung-post316671.html
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