Will real estate prices continue in 2024?

Avatar of Nick John By Nick John Dec28,2023 #continue #Will
Will real estate prices continue in 2024? 5
Will real estate prices continue in 2024? 5

2023 is about to end with gloomy developments in all segments.

Mr. Le Quoc Kien, an independent real estate consultant, said that in Ho Chi Minh City and surrounding areas, townhouses among residents recorded a decrease of 5-15% according to the general reduced valuation of banks.

The price decline of investment and speculation segments, especially high-end ones, may continue into 2024 but the level will gradually narrow.

According to experts, land in suburban areas, especially areas near Ring Road 4 and some localities following the trend of `leaving the city for the forest`, have had their prices spike in 2021-2022, and may further decrease by 10-20%.

Mr. Dinh Minh Tuan, Southern Regional Director of Batdongsan Canal, predicted that in the coming time, the land market will continue to face difficulties.

Real estate in the East of Ho Chi Minh City.

Meanwhile, real estate serving end-use needs will continue to lead the market.

The Vietnam Association of Real Estate Brokers (VARS) forecasts that primary apartment selling prices will continue to increase by about 3-8% in 2024. The reason is that short-term supply has not yet been resolved.

decreased, especially in the popular and mid-range segments.

`The core reason is still the scarcity of new supply, making the market uncompetitive. Enterprises with apartment projects open for sale at this stage are kings,` VARS acknowledged.

Experts assess that 2024 will not immediately improve the real estate market, but will be a pivotal period for transformation from 2025, when the amended laws take effect.

Mr. Dang Hung Vo, former Deputy Minister of Natural Resources and Environment, said that legal problems have caused supply congestion in the market for many years, especially 2023 is considered a `suffering` year when a number of new projects are launched.

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