Is the real estate market "warming up" again?

Since the Lunar New Year, consumers’ interest in searching for real estate has gradually increased again. Although the economy is still facing many difficulties, the real estate market is currently showing many positive signs and is considered to be on the path to recovery after a long period of being “frozen”.

Optimistic signals

According to the real estate business community, the economy, consumption and tourism are on a good growth path, these areas will contribute significantly to promoting the real estate market in and outside the province. Currently, the gold price is climbing, reaching an unprecedented record high, the stock market is unstable, prone to risks, while real estate has long been an investment channel that many people value. The sharp decrease in lending interest rates will make investors more confident. In addition, the government is making constant efforts to introduce policies to support the economy and the real estate market. The passing of amended bills and the improvement of the legal system are big bright spots, creating conditions for people and businesses to more easily access bank capital to serve production - business activities and project development. Binh Thuan is no exception.

Two expressways have been opened and put into operation, shortening the distance from Ho Chi Minh City to Phan Thiet. (Photo: N. Lan)

In 2023, two expressways were opened and put into operation, shortening the distance from Ho Chi Minh City to Phan Thiet by about 2 hours, creating a convenient connection for the golden triangle of tourism Ho Chi Minh City - Binh Thuan - Lam Dong. Not only that, the province has just organized the announcement of the Binh Thuan Provincial Planning for the period 2021 - 2030, with a vision to 2050 approved by the Prime Minister and the Project on night-time economic development in Binh Thuan province until 2030. These are the bases for organizing the province's development space, which opens up many opportunities and potentials for real estate development.

The tourism real estate market has a lot of potential.

Will gradually "warm up" by the end of the year

After a period of "freezing", from the beginning of 2024 until now, the real estate market in the province has begun to move again. Real estate business associations and groups in the province have begun to post more bustling real estate products than before. Many brokerage companies that had to close down have now also signaled their resumption of operations by recruiting brokers and offering many products at affordable prices. Accordingly, consumer demand for real estate has also gradually become more vibrant.

A person with many years of experience in this field in Phan Thiet City said that real estate has been recovering, of course, compared to the golden period, it has only recovered about 20-30%. But in the near future, this market will develop more positively. Recently, the real estate market in the province has also had many positive changes, the investment environment has improved, attracting many large investors to implement real estate construction and business investment projects. Thereby, it shows that the real estate market has made significant contributions to the socio-economic development and social security of the locality.

Developing tourism into a spearhead economic sector. Photo: N.Lan

However, in recent times, in this market, the situation of organizations, individuals and businesses violating the law still occurs such as: advertising, selling, booking, holding, capital mobilization not in accordance with the law, causing disorder and disrupting the real estate market in the province. That also partly shows that the inspection, examination and handling of violations by the authorities are not timely and resolute; the updating of databases and information on the real estate market is not complete and lacks transparency.

In order to remove difficulties and obstacles for the real estate market in the province, as well as create a complete legal framework for stable and sustainable development of the tourism real estate investment model, the province has recommended that the Government and ministries and branches need to review and continue to study and perfect the legal system in the market economy and develop the real estate market in Vietnam, especially Resolution No. 08 of the Party Central Committee on developing tourism into a spearhead economic sector. It is necessary to ensure effectiveness in management practices, as well as meet the general needs of the tourism real estate market...

In addition, the province also proposed to supplement specific regulations for the tourism real estate sector in construction, investment and credit activities such as procedures and order of construction investment; granting land use right certificates; transferring future tourism real estate purchase and sale contracts; specific regulations on tourism real estate credit, on mobilizing investment capital for tourism real estate development in the stock, bond, credit and investment markets; considering specific sanctions for investors and related parties in making and implementing commitments to investors in the market...

Source: https://baobinhthuan.com.vn/thi-truong-bat-dong-san-co-dang-am-tro-lai-118048.html