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Vietnam real estate market expected to recover in 2023

According to Vietnam Real Estate Association, an uptick in the Vietnamese real estate market is expected as early as Q1, thanks to improved government regulations and economic growth forecasts.

Vietnam real estate market expected to recover in 2023

According to Vietnam Real Estate Association, growth in the Vietnamese real estate market is expected as early as Q1, thanks to improved government regulations and economic growth forecasts.
Capital shortages, legal bottlenecks, and inconsistent regulations have recently plagued the property sector. According to the association, ill-advised lawmaking and cumbersome administrative procedures have created an environment in which real estate rules are ineffectively enforced, and loopholes are quickly taken advantage of for profiteering.

Vietnam real estate market in the eyes of industry insiders

According to association president Le Hoang Chau, 70% of real estate projects' difficulties spring from legal bottlenecks.
But he said this would no longer be the case when amended laws on land, real estate trading, and housing are adopted in late 2023. He said the new regulations would become pillars of stability for the market.
At a recent seminar on 2023 property market forecasts, Nguyen Van Dinh, deputy chief of the Vietnam Real Estate Association, said the Vietnam property would be brighter in the future as the government had recently instructed relevant ministries and lower authorities to remove the legal obstacles and create flexible cash flow in the field.
Dinh added: "Real estate companies, as well as other related units, are actively restructuring scales, products, prices, and payment terms to create more convenient and suitable for customers."
Vietnam real estate market
Vietnam real estate market - Picture
Nguyen Chi Thanh, Deputy Chief of the Vietnam Realtors Association, said that the property market would experience a boost in 2023 as significant investors prioritize high liquidity projects and launch social housing projects for those in need.
Phan Duc Hieu, a standing member of the National Assembly's Economic Committee, also said that middle-income property developments and industrial real estate would see booms alongside social housing projects. At the same time, localities follow through on their socioeconomic development plans.
"The recovery of the local property market next year would be grounded in the reality of nations worldwide. There would no longer be raising mortgage rates as much, leading to help alleviate pressure on foreign exchange rates," - Economist Can Van Luc stated.
Neil MacGregor, managing director of Savills Vietnam, has said the potential growth in the Vietnamese property market could be high over the next few years. He indicated the country's stable economic foundation, rapid urbanization, and shifts in production from China to Vietnam as significant contributors to this potential.
Foreign investors are keeping their eyes on segments of the Vietnamese property market; he added the projects next year would be more reasonable for buyers' budgets. 
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