According to experts, in the expected scenario, the real estate market 2023 will be the year of purification and accumulation for growth. At the same time, the demand for real housing as well as investment of customers and investors is still very large and diverse.
2023 will be the year of purification and accumulation for growth
Sharing at the event Real Estate Market Report 2022 – Forecast 2023: Finding opportunities in challenges organized by Dat Xanh Services, Dr. Pham Anh Khoi – Director of the Institute of Economics – Finance – Dat Xanh Real Estate Services forecasts that the expected scenario is consistent with current developments.
Specifically, with the expected scenario, the world situation is still difficult when the war between Russia and Ukraine shows signs of cooling down, but the economic crisis, shortage of fuel and energy still have many potentials risk. The Fed continuously raised interest rates, the increase was higher than 6%.
Domestically, the campaign to handle inspection of violations has intensified more drastically. GDP is about 4.5%–5.5%, inflation is 6-7%, interest rate is 14-16%. The progress of the Land Law has been moved to 2024, and there is no effective solution to solve the legal bottlenecks.
In this scenario, market confidence has not yet recovered strongly, and the market in 2023 is expected to move sideways compared to the overall in 2022. Market absorption is expected to be low, around 30%. The investor focused on liquidating inventory, stopped launching new products to the market, and launched a discount policy to liquidate inventory, and the selling price adjusted slightly.
At this time, investors will restructure their operating model/investment portfolio, expand cooperation with foreign funds, and convert bonds into real estate products. Brokerage businesses are forced to narrow their business activities and tend to merge exchanges. Customers still prioritize real-life products, liquidate real estate products that are illiquid in the short term.
According to Mr. Khoi, the real estate market 2023 will be the year of purification and accumulation for growth, when the legal framework is more complete, market participants almost all have prepared and adapted solutions. with the new market situation. At the same time, the demand for real housing as well as investment of customers and investors is still very large and diverse.
Opportunities in the challenges of 2023
At the event, experts also said that, because of their experience from previous crises, many real estate businesses, investors, customers, and brokers all prepared their own plans to overcome challenges.
After screening, investors with strong financial potential, possession of clean land fund, capacity, reputation and large industry linkage network, experience in crisis management are the “competent” units to look for opportunities.
Experts recommend that businesses need to be aware of respecting the law above all. Focus on long-term strategy, dealing with possible scenarios. Diversify the network of partners and investors.
For customers and real estate investors who understand the market, this will be an opportunity for those who hold good financial potential and own the right real estate.
However, customers and investors should consider when using leverage, avoid the crowd effect, and limit participation in speculative activities. In addition, customers and investors should consider choosing a type of real estate that suits their needs and capabilities, and at the same time, continuously update and improve their understanding of the market.
According to Dr. Tran Minh Hoang – Deputy General Secretary of the Vietnam Real Estate Brokers Association, this is an opportunity for brokers with skills, high service quality, in-depth knowledge, and in-depth knowledge market leader. The current market is also an opportunity for brokerage businesses with professional models and processes, good links with investors, good customer care policies, and strong financial potential.
Mr. Hoang recommended that brokers should continue to screen and select reputable sales channels and units, and segment products that match their capabilities. Be consistent in career orientation, improve knowledge and practice ethics.
Real estate brokerage businesses need to be consistent with respecting the law. Select reputable investors, capable of implementing projects. Screening, streamlining the personnel system, selectively recruiting brokers. Building a long-term strategy, perfecting the industry ecosystem, applying technology. Exploiting more products and services that bring short-term cash flow.