Speaking at the 4th Spring Real Estate Forum recently, Economist Nguyen Minh Phong believes that in 2024, the real estate market seems to have surpassed the “flood” stage of difficulties and can be said that difficulties are now behind. However, the recovery is not uniform.
According to this expert, the segment of social housing, tourism real estate, and industrial zone real estate will recover soon. In fact, industrial zone real estate has been a bright spot since the end of last year. Basic indicators for Q2,3,4 of 2024 have started to improve. Localities, especially those associated with industrial real estate, will be brighter.
Mr. Nguyen Minh Phong believes that these bright spots are based on the government’s directives, and the project for 1 million social housing units. In Resolution No. 01/NQ-CP dated January 5, 2024, the Government set a target of 130,000 social housing units.
It is known that we have more than 400 projects, of which 71 have been completed, providing 38,000 units, 127 projects have been started, and many projects have been approved by investors. In 2024, it is expected that 108 projects will be completed, providing 148,000 units.
Mr. Nguyen Minh Phong, an economic expert, speaking at the 4th Spring Real Estate Forum.
“It can be said that this is an important highlight of the supply. The response from businesses is great. For example, Vinhomes has set a target of 500,000 social housing units, committing to sell at a reasonable price that is affordable for the people, if completed, it will be very good for the market,” said this economic expert.
Alongside the bright spots, economist Nguyen Minh Phong points out the challenges of the real estate market.
First is the two-sided nature of the laws related to the real estate market that have been passed. For example, removing the land price framework, in the context of increasing material and labor costs, the house prices will increase.
Second is that the income of workers has not been greatly improved.
“Therefore, the legal issues have been resolved, psychological effects are also better, and if the planning issue is resolved, more than 1,200 projects will also be freed,” Mr. Phong commented.
