According to experts, the real estate market in 2023 will still have many difficulties, but there will still be positive signs.
It can be said that 2022 is a year of many levels of the real estate market. After 2 years of being affected by the Covid-19 epidemic, the beginning of 2022 is an exciting time for the market not only for apartments but also for the land plot segment.
Many investors look to the countryside to “hunt” for land, causing localized land fever in some localities.
According to the Ministry of Construction, compared with October 2021, the average house price in the first quarter of 2022 increased by 6%. Even in some places, land prices increased from 50% to 100%.
The real estate market in 2022 has the opposite situation.
By the middle of the year, the market started to slow down. First affected is the rural land segment, then the mid- and high-end apartment segment in big cities. Transactions were gloomy, liquidity decreased.
In the last quarter of the year, the decline of the market gradually revealed. To stimulate demand, project owners launched many unprecedented discount programs. However, the congested sources of credit capital in the real estate sector caused a bad impact on the market.
Bright spot of real estate market in 2023
According to Mr. Nguyen Van Dinh – Chairman of the Vietnam Real Estate Brokers Association, it is forecasted that next year, the real estate market will move in two opposite scenarios. This depends on the macro management policies of the Government.
If there is no adjustment in credit policy after the Lunar New Year, the real estate market will continue to face difficulties as it is now.
If there is an adjustment to the policy on capital and bonds after the Tet holiday, according to Mr. Dinh, the positive scenario is that the real estate market will gradually warm up and have stable development in 2023.
Commenting on the liquidity of the real estate market in 2023, Dr. Su Ngoc Khuong – Senior Director of Investment Consulting Division Savills Vietnam said that the housing segment will still maintain a stable level.
However, limited supply, especially in the affordable housing segment, will affect the overall liquidity of the market. Industrial and office real estate are two segments that still perform well, businesses will continue to have expansion needs.
The segment that meets real demand will lead real estate market in 2023.
Meanwhile, some experts believe that the market will show signs of reversal and balance by the end of 2023, growth will return in 2024. Products that meet real demand such as apartments or townhouses will lead the market.
Mr. Dinh Minh Tuan – Director of Batdongsan.com.vn in the South region said that the housing segment that meets real demand is a “bright spot” to solve difficulties for the current market. Therefore, investors have been restructuring debt and sales policies to focus on serving this need of buyers.
“In order to activate cash flow from real home buyers, real estate prices need to decrease further. In the short term, prices of some segments in some regions may remain flat. Owners who have been under pressure of high-interest rates for a long time are forced to sell, and this is also the time when the market is attractive enough to trigger bottom-fishing cash flows, helping to increase liquidity, and clear up the congested capital flow”, Mr. Tuan stated.
The recovery of the rental market is a trend predicted by experts to continue in 2023. Rental demand will increase in all types, especially apartments.
Because the price of apartments in big cities is still at a high level, people have less and less choice of apartments in the price range of less than 2 billion VND, so they will continue to rent.
Besides, a part of home buyers are psychologically waiting for the price to drop lower before closing to buy. Therefore, townhouses, villas and offices for rent are also expected to continue to recover from 2022.
@ Vietnamnet