The property market expects more advantages from new regulations effective to recover next year, such as decrees No 44/2022/ND-CP and 42/2022/ND-CP. (Photo: tienphong.vn) TranKim Chung, former deputy director of the Central Institute for EconomicManagement, said that in the context that there is no sudden change in capitalsource and new policies will not be approved until the end of 2023, the marketnext year could continue to adjust towards a more substantive direction.
Themarket expects to have new impetus from the promulgation and amendment of thethree laws relating to the property market, namely the Land Law, the Law onHousing, and the Law on Real Estate Business.
Chungsaid the market boomed in 2019-2021, so a large part of finance is needed in2022 and 2023 to pay for the transactions in those two years. But now thefinancial sources have reduced beyond expectations.
Inaddition, some businesses have assets frozen due to legal issues, while someother enterprises are having difficulty in finance.
Changesin credit policies relating to interest rates and exchange rates will affectthe real estate market, Chung said.
SuNgoc Khuong, Senior Director of the Investment Consulting Division SavillsVietnam, said that Vietnam's economy and finance will also besignificantly affected by the fluctuations in the world, such as inflation, exchangerates, scarcity of petroleum and socio-political instability in many countries.
Thereal estate market suffers from these economic impacts. Therefore, Khuongpredicted that in 2023, the property market will change quite cautiously.
Formarket liquidity, the residential segment will maintain stable liquidity.However, the limited supply and absence of affordable products will affectliquidity.
Segmentssuch as industrial and office real estate are still doing well, and businesseswill continue to need to expand, he said.
Forfinancial issues, according to Khuong, unfinished projects need to have capitaldisbursed to continue the construction process, creating new supply for themarket.
Inaddition, investors need additional capital from foreign investment, investmentfunds or joint ventures to solve complex financial problems.
“Itis necessary to have legal support for enterprises developing property projectsfor a strong recovery in the domestic market. We hope that in the coming time,these bottlenecks will be removed soon to create a healthier and morefavourable business environment for investors as well as solve the problem ofhousing supply for the majority of people. That helps them own a morereasonably priced house," he said.
Accordingto the latest forecast from the Finance – Economics – Real Estate Institute ofDat Xanh Services (FERI), the market supply will still be in severe shortage inthe short term due to the continued tightening of real estate management.Meanwhile, social housing projects have yet to be implemented. With a cautiousmentality, customers have turned to keeping money, leading to a frozen market.
Moreover, the increase in interest rates of loans and limited credit"room" make it difficult for even genuine home buyers to accessloans.
Theproperty market expects more advantages from new regulations effective thisyear to recover next year. They include decrees No 44/2022/ND-CP ondeveloping a database about the real estate market, 42/2022/ND-CP onthe provision of online information and publicservices by the State agencies in the cyber environment,Decree 65/2022/ND-CP on the bond market, and new policies on land underResolution 18-NQ/TW./.
VNA
