Hanoi (VNA) – Real estate remains a good investment channel in the longterm, and the market will start recovering in 2024, insiders have said.

Expertsheld that after a period of stagnation, the sharp downward trend no longercontinues in the real estate market.

NguyenQuoc Khanh, Vice Chairman of the Vietnam Association of Realtors, told the Laodong (Labour) daily that thanks to the State’s credit policies and businesses’promotions, many people having demand have started making purchases.

Inthe long term, real estate remains a good investment channel, he said.

Hepredicted that the market will officially enter the stage of recovery in aboutthe second or third quarter of 2024, when projects will be implemented morestrongly to create large supply for the market.

Socialhousing will make up the majority in the time ahead, Khanh opined.

Meanwhile,Dr. Can Van Luc, Chief Economist at the Bank for Investment and Development ofVietnam (BIDV), forecast a positive scenario for the market from the start ofQ1 next year.

Interestrates have been falling, policies will further prove their effectiveness whilelaw violation cases will have basically been settled by that time, whendomestic and global economic recovery will also become clearer, he noted.

Propertyexpert Dinh Minh Tuan held that prices of land, especially large plots, arelikely to decline in the coming time, but they may continue increasing andtransactions will rebound in the long run.

Realestate prices are dependent on other factors like infrastructure development,economic growth, and people’s income. Meanwhile, land is a type of propertythat any member of the market can invest in due to the diversity of areas,prices, and regions it is located in. Land prices in the localities with goodeconomic growth will still rise sustainably, he said.

However,some insiders also pointed out certain problems, including those related tolegal affairs and investors’ mobilisation of capital for projectimplementation.

ExpertNguyen Quoc Anh suggested the Government take more measures to assistinvestors, particularly in terms of licensing and capital borrowing procedures,to concurrently ensure sustainable supply and a safe environment for buyers./.