Many new opportunities for Dong Nai real estate market to develop

Many positive developments in 2024

The Vietnamese real estate market in general, and the Dong Nai real estate market in particular, faced many difficulties and challenges in 2023. However, the beginning of 2024 showed a clear improvement. This was demonstrated by the fact that all segments saw a significant increase in transactions.

Real Estate - Many new opportunities for the development of the Dong Nai real estate market. — The accelerated progress in completing transportation infrastructure, and especially the Long Thanh International Airport Project, has created many new opportunities for the real estate market in this area to develop.

The demand for real estate is increasing, specifically with a noticeable rise in the number of transactions in the early days of the year, especially in the affordable land and housing segments with proper legal documentation, attractive locations, and high potential for price appreciation.

According to Mr. Nguyen Van Cuong, Head of the Executive Board of the Vietnam Association of Real Estate Brokers (VARS) in Dong Nai, the Dong Nai real estate market will be more vibrant in 2024, and 2024 will also be a "golden time" for real estate.

The first and second quarters are seen as opportunities for investors to "buy at the bottom," acquiring potential real estate at good prices, and the third quarter of 2024 is when the market will be at its most prosperous.

According to Mr. Nguyen Van Cuong's prediction, in 2024, people's demand will focus on the affordable land and housing segments.

“According to our survey, land prices are currently at 7-40 million VND/m2; apartments range from 15-30 million VND/m2. These prices remain stable in many areas, as they meet the demand for actual housing. Other segments have seen price reductions of 10-20% compared to the peak of the market,” Mr. Cuong shared.

The positive changes in the real estate sector are largely due to supportive government policies and the State Bank's continuously decreasing interest rates for real estate investment.

This has made it easier for people and businesses to access bank capital to support their business and investment activities.

Furthermore, the State's enactment of important laws such as the Land Law, the Real Estate Business Law, and the Housing Law, all effective January 1, 2025, is a strong driving force to boost the growth of the real estate market.

The real estate market is developing in a fair and stable manner.

The accelerated progress in completing transportation infrastructure, especially the Long Thanh International Airport Project; the Dong Nai - Vung Tau Expressway; the Dau Giay - Phan Thiet Expressway; the Dau Giay - Lien Khuong Expressway, etc., has created many new opportunities for the real estate market in this area to develop.

Real estate - Many new opportunities for the development of the Dong Nai real estate market (Figure 2). — According to Mr. Nguyen Van Cuong's prediction, in 2024, people's demand will focus on the affordable land and housing segments.

Furthermore, Dong Nai province is also benefiting from the strong shift of investment to suburban areas as land in Ho Chi Minh City becomes increasingly scarce, and the affordable housing segment is becoming more difficult to afford, exceeding the financial capabilities of most people.

When the Land Law, Housing Law, and Real Estate Business Law are passed and come into effect on January 1, 2025, they will solve many problems and resolve obstacles simultaneously, allowing businesses to access land more easily. At that time, the supply may increase and alleviate the current housing shortage.

Mr. Nguyen Van Cuong commented: "These changes are correct and positive, making an important contribution to helping the real estate market develop in a fair and stable direction."

Furthermore, the regulation requiring annual land use fees will help investors reduce their financial burden during the initial stages of project implementation. As a result, the selling prices of real estate products can be adjusted to a more reasonable level. Investors will not face excessive financial pressure and will have more room to invest in completing the project with better quality.

The passage of important laws also demonstrates openness, transparency, and equal opportunities for all.

Through auctions and tenders, the "winners" will be experienced, capable businesses with a history of efficient land use, creating a fair competitive environment for real estate businesses.

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