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.

The Vietnamese real estate market has attracted millions of dollars for large projects recently.

The Governor of the State Bank of Vietnam (SBV) and representatives from some ministries, credit institutions and businesses will meet online on November 13 to look into the implementation of the Prime Minister’s dispatch on the real estate market.

The majority of 1,579 listed companies in 10 different sectors posted revenue falls from mid-2022 to the end of the second quarter of 2023, with the real estate and construction sectors facing the most significant drops.

Vinhomes has seen its profit decrease but it still leads the ‘trillion-VND club’, or the group of businesses with more than VND1 trillion worth of profits. Hoa Phat steel mill and Binh Son refinery has had the most outstanding growth among the group.

Lawmakers have proposed payments for all real estate transactions be made through banks to combat tax evasion and corruption.

The steel industry is expected to see an explosive recovery in 2024, but profits won’t be delivered to all. While big players earned trillions of dong in the third quarter in 2023, most small players reported losses.

Many real estate firms have issued corporate bonds to mobilize trillions of dong worth of capital to pay bond debts. Some of them want to finalize all debts, while others need more time for restructuring.

Vietnam’s government aims to boost its real estate sector by easing bank credit and tackling legal, land, and administrative hurdles to foster market growth.

As money is pumped into the real estate market and realtors receive bank loans, cash flow will circulate well and the national economy will improve.

Many different information sources about the real estate market are released not only by professional research units but also from consultancy firms, real estate trading floors, and brokers.