According to the report on the real estate market in Ho Chi Minh City and surrounding areas in the third quarter of 2024 by DKRA, the primary supply of the apartment segment in the whole market recorded 13,408 units, down 17% over the same period, with projects concentrated in the two markets of Ho Chi Minh City accounting for 57% and Binh Duong 38%.
Consumption of 2,671 units, down 39% over the same period, largely due to the lack of new projects opening for sale as well as the influence of buyers' waiting psychology.
Transactions are concentrated in mid-range projects with prices ranging from 40-55 million VND/m2 in Ho Chi Minh City, from 30-35 million VND/m2 in Binh Duong, mostly in projects with completed legal procedures and rapid construction progress. Notably, the highest primary selling price of apartments in Ho Chi Minh City is up to 493 million VND/m2, while the highest in Binh Duong is only 60 million VND.
DKRA Group said that primary selling prices remained high under the pressure of project development input costs, while demand was stimulated by many policies of quick payment discounts, principal and interest grace periods, etc. Secondary selling prices increased by 5-9% over the same period, focusing on projects that have handed over houses, have certificates, and are conveniently located to the center.
With many projects in the communication phase preparing for sale, DKRA forecasts that new supply in the fourth quarter will increase compared to the third quarter of 2024, fluctuating around 4,000-6,000 units, mainly concentrated in Ho Chi Minh City and Binh Duong. The class A apartment segment continues to hold a dominant position in Ho Chi Minh City, while the class B and C segments lead the new supply in the market of neighboring provinces.
For the townhouse - villa segment, in the third quarter of 2024, the supply recorded 5,363 units, primary consumption 58 units, a significant increase compared to the same period. Market demand recorded positive signs of increase compared to the same period last year. However, the overall consumption of the market remained low.
Regarding the primary selling price of townhouses and villas in Ho Chi Minh City, the highest is up to 700 billion VND/unit, the lowest is 5.3 billion VND, while in Dong Nai the highest is 228.5 billion VND, the lowest is 2.2 billion VND.
According to DKRA, the primary price level has not fluctuated much compared to the beginning of the year, discount policies, opening day incentives, bank support... are widely applied to increase liquidity. In addition, the secondary market price increased by about 4% compared to the previous quarter, market transactions improved compared to the same period last year, however, there are unlikely to be any sudden changes in liquidity in the short term.
DKRA also forecasts that the supply of new townhouses and villas in the fourth quarter of 2024 will increase slightly compared to the previous quarter, reaching about 550 - 650 units and mainly concentrated in Ho Chi Minh City, Binh Duong, Dong Nai, and Long An. Positive economic growth forecast, a complete legal system, and low real estate loan interest rates are factors expected to create a foundation for the market's recovery in the coming time.
Looking at the overall picture of the real estate market in Ho Chi Minh City, experts say that the demand for apartments priced under VND2 billion in Ho Chi Minh City is very large, while the supply of new apartments in 2024 is limited. This pushes up house prices, making it difficult for many people to find a suitable place to live.
According to forecasts from many market research companies, each year Ho Chi Minh City needs about 50,000 more apartments to meet the housing needs of the people, of which 60-70% have the need to buy low-cost houses. Therefore, in the coming time, the market is in great need of housing development solutions that are suitable for the financial capacity of those in need.
