Real estate market experiences positive recovery

14:36 | 04/12/2024 Economy Follow Ven.vn on

(VEN) - Experts have seen increasingly positive recovery of the real estate market towards year’s end despite many challenges.

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The latest data from the Vietnam Chamber of Commerce and Industry (VCCI) show that in the first nine months of 2024, Vietnam’s real estate market recorded 30,589 successful transactions, 2.5 times higher than the figure of the same period in 2023. During the same period, 38,797 new products were launched, with products priced at over VND50 million per square meter accounting for the majority.

Experts believe the real estate market is being supported by several factors, including the Housing Law 2023, the Real Estate Business Law 2023, and the Land Law 2024, which officially started to take effect from August 1, 2024, five months ahead of schedule. These laws contribute to improving the legal framework for the real estate market to develop in a safe and sustainable manner.

To ensure the effective implementation of these laws, Hoang Hai, Director of the Ministry of Construction’s Housing and Real Estate Market Management Agency, said that this ministry has taken and will continue to implement specific solutions in the coming time. These include training and dissemination to ensure effective implementation of new regulations and detailed guidelines recently issued to localities, agencies, organizations, businesses, and individuals.

Additionally, Vietnam is considering piloting a State-managed real estate transaction and registration center, similar to successful models implemented in certain countries, with a focus on simplicity, brevity, and accuracy.

At the same time, the investment project to build at least one million social housing units for low-income individuals and industrial park workers during the 2021-2030 period will be effectively implemented to increase supply for the market.

In addition, inspections of real estate brokerage and business activities in localities will be strengthened, along with considering the establishment of a Social Housing Fund or similar financial mechanisms, and assigning State-owned enterprises to implementing the social housing work.

Thanh Tam

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Real estate market experiences positive recovery

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