The domestic real estate market is believed to have reached the bottom and expected to roar back to life this year thanks to a slew of measures taken by the Government, ministries, agencies and localities.

In its Vietnam Macro Monitoring report released on December 18, the World Bank pointed out that Vietnam’s economy is still facing difficulties with weak purchasing power despite goods price stability and a lower-than-predicted inflation rate.

A brighter outlook is predicted for the property market in 2024 compared to last year thanks to favourable regulations and interest rates.

The HCM City Real Estate Association (HOREA) says that housing prices are increasing because of legal barriers. Also, high input costs have made it impossible to reduce real estate prices.

Analysts believe that now is the time to inject money into land as the real estate market is lackluster.

Joint efforts among state management agencies, businesses and commercial banks are needed to force real estate prices down.

Foreign investors are expected to plough large amounts of money in the Vietnamese property market in 2024-26, according to experts.

Prime Minister Pham Minh Chinh yesterday signed to issue official Telegram No. 1376/CD-TTg on continuing to drastically, promptly and effectively implement solutions to sustainably promote the healthy development of the real estate market.

Vietnam's real estate market will bounce back starting from the second quarter of 2024, and prosper into 2025, experts have said.

Vietnam's real estate market has continuously attracted many investors thanks to the political stability and investment incentive policies and witnessed a rising number of merger and acquisition (M&A) deals.

Real estate remains a good investment channel in the long term, and the market will start recovering in 2024, insiders have said.

In a recent report by the VNREA, there have been upticks in supply and demand, the return and recovery of many businesses and projects across the country, and an increase in property transactions in recent weeks.

Some 2.87 billion USD in foreign direct investment (FDI) was registered in the Vietnamese property market during January-November, a year-on-year fall of 31.4%.

Realtors who expected the draft Land Law to be approved on November 29 at the ongoing National Assembly session are disappointed because the vote has been rescheduled.

Prime Minister Pham Minh Chinh has urged greater efforts to promote credit access, thus boosting corporate bond and real estate markets in a safe, healthy and sustainable fashion.

Big real estate firms continued to complain about difficulties in credit access at a conference on credit for the real estate sector and social housing, held by the State Bank of Vietnam (SBV) and Ministry of Construction (MOC) some days ago.

The real estate market has been seeing overly hot development for a long time without effective financial tools. As a result, urban development has not served accommodation demand, but only speculation.

The government considers the property market an important pillar of the economy and measures are underway to address the sector's difficulties in recent years.

Overlaps and holes in laws related to the real estate market are continuing to prevent foreigners from buying houses in Vietnam, legislators have been warned.

Amendments to laws or a well-designed resolution that would motivate executive bodies and officers to "dare to think and dare to do", and protect them from imprisonment will help defrost the real estate market.