Vietnam’s real estate market forecast to recover next year

HANOI, Dec. 13– Vietnam’s real estate market will start recovering in 2024 as the sharp downward trend no longer continues after a period of stagnation, Vietnam News Agency reported on Wednesday citing insiders. Nguyen Quoc Khanh, vice chairman of the Vietnam Association of Realtors, was quoted as saying by the Lao Dong daily that the market would enter the stage…

HANOI, Dec. 13 (Xinhua) — Vietnam’s real estate market will start recovering in 2024 as the sharp downward trend no longer continues after a period of stagnation, Vietnam News Agency reported on Wednesday citing insiders.

Nguyen Quoc Khanh, vice chairman of the Vietnam Association of Realtors, was quoted as saying by the Lao Dong (Labor) daily that the market would enter the stage of recovery in about the second or third quarter of 2024, when projects will be implemented more strongly to create large supply for the market.

In the long term, real estate remains a good investment channel, he said.

Can Van Luc, chief economist at the Bank for Investment and Development of Vietnam, forecast a positive scenario for the market from the start of Q1 next year.

Interest rates have been falling, and policies will further prove their effectiveness while law violation cases will have basically been settled by that time, when domestic and global economic recovery will also become clearer, he said.

Property expert Dinh Minh Tuan believed that prices of land, especially large plots, are likely to decline in the coming time, but they may continue increasing and transactions will rebound in the long run.

According to the Ministry of Construction, Vietnam’s real estate market saw a significant surge in the third quarter of this year, with 59,559 new businesses entering and re-entering the market. Enditem