According to PropertyGuru Vietnam's online data, both searches and listings for real estate in August 2024 decreased slightly compared to July. Searches decreased by 4%, listings decreased by 3%. However, if we consider the first 8 months of this year, both data increased quite strongly compared to the same period in 2023. Accordingly, searches in the past 8 months increased by 25%, while the number of listings increased by 8% compared to the same period in 2023.
Private houses and townhouses had the sharpest decrease in searches in August 2024 with 7% and 8%. Land was the only type of property with a slight increase in searches, about 3%. The number of listings in August decreased in most types, however, the decrease was insignificant, only from 1-5%, in which apartments and private houses both decreased by 5%.
In the rental real estate market, searches continued to increase by 7% in August despite a 3% decrease in rental listings. If the first 8 months of this year are combined, searches for rental real estate increased quite strongly, about 24% compared to the same period in 2023.
Notably, warehouses for rent recorded a 135% increase in demand compared to the same period last year, possibly related to the strong development of the logistics industry. The demand for finding lodging and rooms also increased quite strongly by 34%.
In contrast to the search demand, the number of real estate rental listings in the past 8 months has decreased significantly compared to the same period in 2023. In particular, listings for private house rentals decreased the most with 28%, followed by office rentals with a decrease of 21%; listings for street-front houses and apartments also decreased by 18% and 12% respectively.
In the Hanoi market, as well as the general market, the number of searches for Hanoi real estate in August decreased slightly by about 3% compared to July, the number of listings also decreased by about 6%. Land plots and project land are two rare types that still have increased search demand with 13% and 3% respectively.
In the Hanoi apartment market, the high-end apartment segment recorded an average selling price decrease of about 1% in the third quarter, from 68.3 million VND/m2 to 67.4 million VND/m2. In contrast, the mid-range and low-end segments saw their selling prices increase by 1% and 2%. Mid-range apartments increased from 41.7 million VND/m2 to 42.3 million VND/m2; low-end apartments increased from 24.8 million VND/m2 to 25.2 million VND/m2.
Meanwhile, the rental market for boarding houses recorded a 47% increase in searches compared to July due to the peak rental season for new students and students returning to the city to prepare for the new school year. However, the number of postings for boarding houses this month decreased by about 14% compared to July, possibly because many boarding houses have found tenants.
According to data from the Vietnam Statistical Directorate, in the first 8 months of this year, registered FDI increased by 7% compared to the same period in 2023, estimated at 20.5 billion USD. The real estate market is still the sector attracting FDI capital, maintaining the number 2 position. The number of newly registered real estate enterprises increased by 17% compared to July; enterprises returning to operation also increased by 19%. However, enterprises temporarily ceasing operations also increased by 42% and dissolved enterprises increased by 8% compared to the previous month.
