Since the beginning of 2024, the real estate market has received many positive signals from policies and shifting demand trends. Experts say that the real estate market is in a transitional phase, so it will be very sensitive to impact factors.
Assessing the current real estate market, Dr. Can Van Luc - an economic expert - said that the market has had many positive changes. In particular, land valuation according to market principles is an important new point, helping land prices to be closer to actual prices, removing land price inadequacies such as the phenomenon of two prices. This creates the basis for compensation, site clearance, financial obligations to the State, determining real estate prices, and calculating project investment efficiency.
However, Mr. Luc pointed out that the major problem in the market is the high and rapidly increasing real estate prices in the apartment and land segments. According to him, the Vietnamese real estate market is in a state of undersupply and overdemand. When real estate prices become more reasonable, the market will stabilize and develop.
Mr. Hoang Hai - Director of the Department of Housing and Real Estate Market Management (Ministry of Construction) - said that the real estate supply has changed positively but is still limited, the product structure is not harmonious. The whole country is currently implementing 2,254 projects with a total of 1.2 million apartments and land plots. Of which, there are 622 social housing projects under implementation, with a scale of about 565,177 units.
Regarding transaction prices, some localities have a tendency to increase locally in some locations and types of real estate. The Ministry of Construction has coordinated with the Ministry of Natural Resources and Environment as well as localities to improve the situation. Currently, basic real estate prices have increased by about 25%/year.
Mr. Nguyen Van Dinh - Vice President of Vietnam Real Estate Association - predicted: "Real estate prices are unlikely to decrease and show signs of increasing. There is a paradox that supply is improving but prices are still high. If prices are not adjusted properly, transactions will decrease and the market will stagnate - this is a worrying issue."
According to Mr. Dinh, the real estate market is in a transitional phase, very sensitive to impacts from policies, infrastructure, and finance. If there are supporting factors, slight growth in some segments can create momentum for a strong recovery. However, if high housing prices are not intervened early, it will lead to many consequences for both the market and society.
