VIETNAM, December 16 –
HÀ NỘI — Việt Nam’s real estate market is unlikely to boom next year, according to experts.
Trần Kim Chung, former deputy director of the Central Institute for Economic Management, said that in the context that there is no sudden change in capital source and new policies will not be approved until the end of 2023, the market next year could continue to adjust towards to more substantive direction.
The market expects to have new dynamics from the promulgation and amendment of the three laws relating to the property market, including the Law on Land, the Law on Housing, and the Law on Real Estate Business.
Chung said the market boomed in 2019-2021, so a large part of finance is needed in 2022 and 2023 to pay for the transactions in those two years. But now the financial source reduces than expected.
In addition, some businesses have frozen assets due to legal issues, while some other enterprises are having difficulty in finance.
Changes in credit policies relating to interest rates and exchange rates will affect the real estate market, Chung said.
Sử Ngọc Khương, Senior Director of the Investment Consulting Division Savills Vietnam, said that Vietnam’s economy and finance would also be significantly affected by the fluctuations in the world, such as inflation, exchange rates, scarcity of petroleum and socio-political instability in many countries.
The real estate market suffers from these economic impacts. Therefore, Khương predicts that in 2023, the property market will change quite cautiously.
For market liquidity, the residential segment will maintain stable liquidity. However, the limited supply and absence of affordable products will affect liquidity.
Segments such as industrial and office real estate are still doing well, and businesses will continue to need to expand, he said.
For financial issues, according to Khương,