Mr. Le Hoang Chau - Chairman of Ho Chi Minh City Real Estate Association Ho Chi Minh City (HoREA) said that th...
Mr. Le Hoang Chau - Chairman of Ho Chi Minh City Real Estate Association Ho Chi Minh City (HoREA) said that the most urgent issue today is the need to increase overall demand and create a substantial supply source for Vietnam's real estate market
Recently, the Government has implemented several strong measures to support the recovery and breakthrough of the real estate market. In particular, in Resolution 33, the Government has proposed many specific and detailed solutions to "rescue" the market. In fact, the market also received some positive signals, but it has yet to make a breakthrough.
Talking to reporters of the Journalist and Cong Luan newspaper, Mr. Le Hoang Chau - Chairman of the Ho Chi Minh City Real Estate Association (HoREA) stated that in the first 7 months of 2023, the real estate market continues to face many difficulties.
The main reasons are legal issues that have not been resolved and limited access to capital. Some incidents in the latter half of 2022 have affected investor confidence, and overall, fundamental issues of the market such as legal matters, scarce supply, and imbalanced supply and demand have not been resolved.
In fact, Vietnam has not really fully exploited the potential and strengths of the real estate market. Industrial real estate, tourism, and entertainment are only concentrated in certain regions, which does not create momentum and attraction in certain parts of the country.
Le Hoang Chau predicts that the Vietnamese real estate market by the end of 2023 will remain subdued by the end of 2023only being able to recover and develop more soundly, transparently, and with higher standards from the second or third quarter of 2024, thanks to the progress of the legal environment, positive economic growth prospects, the development of synchronous and modern infrastructures.
Many segments of the investment market still face great barriers and hurdles. Potential land resources have not been optimally exploited. Real estate in industrial parks, economix zones, export processing zones and high-tech parks continues to develop conservatively, which is holding back, the occupancy factor is not high.
The most pressing issue today is the need to increase overall demand and create a key supply for the Vietnamese real estate market. The biggest demand in the Vietnamese real estate market is currently the affordable commercial housing segment. Therefore, in order to increase the overall demand, it is necessary to develop quickly, strongly and diversify this type.