According to the Vietnam Association of Real Estate Brokers (VARS) Report, in the second quarter of 2024, the real estate market received 27,335 products, including 19,747 new products for sale - 3 times more than the previous quarter, while is inventory from previous sale periods.
Of the total supply, more than 60% comes from projects in the Northern region. In the first 6 months of 2024, the market received 24,047 new products for sale.
In the second quarter of 2024, the number of successful transactions reached 14,400 transactions, an increase of more than 2.3 times compared to the previous quarter of 6,200 transactions.
Apartment projects opened for sale all recorded good absorption rates, especially projects in the Northern region. In the last quarter, the apartment segment priced at over 50 million VND/m2 recorded good transaction results, accounting for 42%.
Followed by the land segment, low-rise houses and mid-range apartments. Regarding selling price, for the land segment, with the segment under 2 billion VND in some Northern provinces, an increase of about 5 - 10% was recorded. Particularly in the South, prices went sideways.
Mr. Le Dinh Chung, Member of the VARS Market Research Working Group, General Director of SGO Homes, commented that after a period of hot growth in the first quarter, the selling price of the housing segment, especially the apartment segment in The second quarter was somewhat more stable. This stabilization level is maintained on the new, higher price level.
Specifically, the apartment price index continues to maintain an increasing trend in both Hanoi , Ho Chi Minh City and Da Nang. Accordingly, from mid-late 2023, the growth in selling prices of the Hanoi apartment market has begun to increase and surpass the price increase of the Ho Chi Minh City market .
As of the second quarter of 2024, the average selling price of primary apartments in Hanoi is close to 60 million VND/m2. Compared to the base period of the second quarter of 2019, the selling price of primary apartments in Hanoi recorded a remarkable increase of 58%, more than double the increase rate of the Ho Chi Minh City market.
Ms. Pham Thi Mien - Deputy Director of the Vietnam Real Estate Market Research and Evaluation Institute said that in terms of segments, the apartment segment is still the dominant segment, "occupying" market liquidity.
The low-rise and land segment also began to "rekindle" positive signs of recovery when a number of projects, mainly in the Central region and beyond, recorded quite good sales and transfer transaction results. , but the "cut loss" phenomenon is still recorded.
In general, the Vietnamese real estate market is still maintaining, waiting for the "bottlenecks" to be removed to truly become "healthy" again. Forecasting the real estate market situation in the coming time, VARS believes that when the Land Law 2024, Housing Law 2023, Real Estate Business Law 2023 and the Law on Credit Institutions will take effect. Effective from August 1, 2024, the "waiting" mentality will be removed.
Subjects in the market began to "move" and development businesses began the race to remove bottlenecks with state management agencies. Investors are more confident with sales, investors have confidence again; Brokers and brokerage service businesses change to meet new regulations.
