The market is starting to get vibrant again
In mid-March 3, Ho Chi Minh City's socio-economic report for the first 2024 months of the year had many bright spots, in which total state budget revenue was estimated at more than 2 billion VND (up 103.164% over the same period last year). period). The real estate market has shown signs of a more positive recovery, real estate business revenue is estimated to increase by 13,69% over the same period.
Mr. Tran Hoang Quan, Director of Ho Chi Minh City Department of Construction also commented that the real estate market in early 2024 has many bright spots, with changes in a non-negative direction.
In addition, according to information from the Department of Natural Resources and Environment, the number of real estate records in the first 2 months of 2024 is 67.750 records, an increase of 18.801 records compared to the first 2 months of 2023. Thanks to that, revenue from land increases. go up. Specifically, revenue in the first 2 months of this year reached 103.164 billion VND (the first 2 months of 2023 reached 90.741 billion VND). In particular, tax revenue from real estate sales increased very strongly, reaching 955,3 billion VND (the first 2 months of 2023 is 659,9 billion VND).
The year 2024 is forecast by experts to be a year of growth in the number of affordable housing supply, thanks to policy efforts to promote housing construction for low-income people.
According to Batdongsan.com.vn, compared to the beginning of 2023, the real estate market at the beginning of this year has more positive signs in terms of interest level and number of postings. Data from this website shows that the demand for searching for real estate for sale nationwide in January 1 increased by 2024% compared to the same period in 66, and the number of real estate listings also increased by 2023%.
Mr. Dinh Minh Tuan - Director of Batdongsan.com.vn in the Southern region said that in the context of the "warm" real estate market at the beginning of the year, brokers, trading floors and investors have started Start your business campaigns early so you don't miss the opportunity to reach a large number of potential customers.
“According to research from more than 10 land business units in Dong Nai, Binh Duong, Long An, businesses all shared that at the beginning of this year, the number of land transactions increased. Of these, most focus on plots of land with standard legality, priced under 2 billion VND, located within a radius of 60 km around Ho Chi Minh City," Mr. Tuan said.
Also according to Mr. Tuan, currently many investors are determined to push goods early in 2024 because if they wait until 2025 when the revised Real Estate Business Law takes effect, collecting money will be difficult and time-consuming. than.
At that time, the investor can only collect a deposit of no more than 5% of the selling price of houses and construction works formed in the future. After completing all obligations for sale, the additional 25% can be collected. Therefore, this expert predicts that new supply in the real estate market will soon improve in 2024.
Overcoming the bottom of negative growth, entering recovery
Ms. Pham Thi Men - Deputy Head of Market Research and Real Estate Investment Promotion Consulting of the Vietnam Real Estate Brokers Association said that going through the purification process, internal health, and the ability to improvise with the difficulties and challenges of entities existing in the market will be raised. Although the changes in the new law have not yet been applied, they will be a positive signal for subjects to place their trust and morale in preparation for the upcoming period.
In parallel with solutions to help overcome difficulties, the first and second quarter of 2024 the market will continue to maintain good signals from the end of 2023. But it will only be from the end of the third quarter onwards that recovery will begin. clearly shown.
According to Ms. Men, large-scale sales programs and massive media campaigns will take place more frequently and continuously. This is considered a drastic action, demonstrating the investors' high determination to survive in their efforts to overcome difficulties.
Ms. Men forecasts that the supply in 2024 will have a more regular and thicker launch frequency than in 2023. Besides large investors, there will be more supply from new investors launching, from which at the end of the quarter First, the beginning of the second quarter will see the onset of supply to the market.
According to Mr. Le Hoang Chau - Chairman of Ho Chi Minh City Real Estate Association, with this recovery momentum, it can be said that the real estate market will return to normal operations and enter a safe development cycle. , healthy and sustainable from the second half of 2024, creating momentum for stronger development from the beginning of 2025 onwards.
Specifically, from the second half of 2022 to the end of the first quarter of 2023 is the most difficult period for the real estate market in the country and Ho Chi Minh City. Particularly in Ho Chi Minh City, the first quarter of 2023 is the "bottom zone" of the real estate market with a negative growth rate of -16,2%.
By the second quarter of 2023, the real estate market in Ho Chi Minh City gradually overcomes the most difficult period and begins to enter the stage of recovery and growth again. Although still negative growth, there are signs of decline. gradually with a negative growth rate of -11,5%.
In the third quarter of 2023, the real estate market in Ho Chi Minh City continues the trend of recovery and growth again. The speed is slow but shows a more solid recovery. Although still negative growth, it continues to grow. The trend is decreasing with a negative growth rate of -8,7%.
By the end of 2023, it can be affirmed that the real estate market in Ho Chi Minh City has overcome the most difficult period. Although negative growth is still present, it has clearly decreased, with negative growth for the whole year 2023 being only -6,38%.
In the first two months of 2024, the real estate market in the country and Ho Chi Minh City continues the trend of recovery and more solid growth, being the leading field in attracting the most foreign investment capital and FDI. In the stock market, real estate stocks along with financial and banking stocks are leading the market.
