Many analysts believe that Vietnam’s property market can escape from recession and prosper once more in 2023.

The statement was made at the “Forecasting the property market 2023” forum organized by Vietnam Business Forum magazine and the Vietnam National Real Estate Association (VNREA) on December 23.

“The Prime Minister’s drastic and timely directions will bring about fundamental changes to recover and develop the country’s real estate market,” Vice Chairman of VNREA, Nguyen Van Dinh, told the gathering.

Property and related businesses are restructuring customer segments, products, prices, and payment terms and modes to make them more suitable, feasible, and convenient for customers, especially those who have actual needs, he said.

VNREA predicts that the real estate market will come out of recession in the first quarter of 2023 but will be quiet, as it coincides with the Lunar New Year (Tet).

In the second and third quarters, the market will gradually recover and be healthier, more transparent, and more standardized thanks to an improved legal environment, positive economic recovery, and growth in commercial, investment, and sales activities.

“The market will witness many positive signals based on Vietnam’s economic prospects in 2023,” said Standing Member of the National Assembly’s Economic Committee Phan Duc Hieu. “It is imperative to quickly remove legal and capital bottlenecks, including property corporate bonds, and to have strong solutions to stimulate demand, especially in the real estate segment.”