The real estate market in 2023 is judged to be moving towards the real trend, product prices will also be adjusted reasonably, there will be no price increases and speculation. According to experts, 2023 will therefore be a good time for buyers to own a home.
In 2020 and 2021, house prices have risen too high, which many people cannot afford. Therefore, in 2023, real estate prices will be brought to a reasonable level, people with real needs will participate in the market.
The Early 2023 Consumer Confidence and Real Estate Trends report published by Batdongsan.com.vn found that 68% of respondents said they would buy a house and land within a year. The percentage of people who plan to buy real estate in 2023 is 46% for those who own no properties, 79% for those who own 2 properties and up to 87% for those who own more than 3 real estate products.
In addition, many Vietnamese are also willing to spend 40%-60% of their total income to buy a house in installments. These figures show that people’s demand for houses, land to live in and investments is always high.
2023 is expected to be a good time to buy a home. (Illustration)
According to Mr. Tran Khanh Quang, 2023 may be a period where many investors are “defensive” and have more money left to wait for opportunities to hunt for well-priced commodities.
Real estate investors are forced to sell at low prices from the second half of December 2022 to cut profits or stop losses. This is when the first bottom of the market can be identified. Moving on to the first quarter of 2023, companies want to restructure, at this time some real estate will be sold, the discount and the discount will be less. Until mid-2023 it is possible to realize the movements of the market.
“ Now is not a good time to sell real estate, but it is a good time to buy. Investors may consider buying when they have idle money, not borrowing. On the other hand, it is possible to wait for more policies and regulations from the state and make a decision from March to June 2023Mr. Quang said.
According to Mr. Nguyen Quoc Anh, deputy general manager of batdongsan.com.vn, a faster recovery will be stimulated if credit growth is eased in early 2023. The good news is that by the end of 2022, the government has set up a working group to address real estate difficulties and the revised land law will be submitted to the National Assembly for approval. Real estate can therefore count on an earlier recovery, expected around the end of 2023.
Le Dinh Hao, head of the Batdongsan.com.vn business division, said that in the first months of 2023, the real estate market will gradually improve when policies related to credit interest rates and exchange rates are issued stably. The market is also currently supported by a 2% policy for businesses (25 trillion package) and homebuyers (15 trillion package), but has not yet been well absorbed, as supported businesses must ensure the following conditions: conditions such as no bad debt, secured assets, stable cash flow… But in 2023, when interest rate policy has stabilized, companies will have more options to access.
Mr. Nguyen Van Dinh, Chairman of the Vietnam Real Estate Brokers Association shares the same view and also said that by 2023, when there is a new credit space, the real estate market will be more vibrant than now. While the new cash flow in the credit space isn’t much, it helps the market to have more transactions from genuine homebuyers and retail property investors. However, Mr Dinh said there will be no “land fever” like early 2022.
Source: CafeF
