For many years, new housing development has not kept pace with population growth, leading to a housing shortage. 2024 will see strong supply growth with more and more large-scale projects launching for sale at the end of the year.
According to research by the Vietnam Association of Realtors (VARS), the number of new products offered for sale in the fourth quarter of 2024 is 28,000 products, 2 times higher than the previous quarter and 4 times higher than the same period in 2023.
The total number of products offered for sale in 2024 is 81,000 products, an increase of 50% compared to 2023. The total number of new products, first launched on the market is 65,376 products, about 3 times higher than in 2023 but only about 7% compared to 2018 - the year before the COVID-19 pandemic.
It is worth noting that the real estate market is "local" in nature, with an imbalance between segments. Accordingly, apartments still play a leading role, accounting for about 70% of the total new housing supply in 2024.
Commenting on real estate prices in the coming time, real estate expert Nguyen The Diep - Vice President of Hanoi Real Estate Club - said that 2025 is a stepping stone to apply and implement new laws. When the legal system and guiding decrees come into effect, the real estate market will absorb better and real estate prices will start to "run" accordingly.
This expert believes that the bottom and the most critical period of real estate has passed. Looking back at past milestones, Mr. Diep predicts that this is the beginning of a new cycle in the real estate market that has gradually emerged.
Typically, the Land Law, Real Estate Business Law, Housing Law come into effect, new land prices, infrastructure are deployed simultaneously, housing policies such as the 120,000 billion VND support package are also focused on disbursement...
Meanwhile, Mr. Nguyen Quoc Anh - Deputy General Director of PropertyGuru Vietnam - shared that from the second quarter of 2025, the real estate market will enter a period of prosperity and real estate prices are expected to continue to increase.
Mr. Quoc Anh said that the phenomenon of interest in real estate recorded a sharp increase, market confidence returned and investor sentiment improved, thereby affecting investment decisions.
"Currently, the real estate market is in a new cycle. The market context in the current cycle is based on three factors: Credit, interest rates and policies. In particular, new laws taking effect will promote the market to recover soon" - Mr. Quoc Anh emphasized.
Sharing the same opinion, sharing with Lao Dong reporter, Mr. Nguyen Van Dung - Director of Gia Bao real estate floor - commented that real estate prices in 2025 will be difficult to decrease due to many factors such as: the real housing demand of people is increasing, especially in two big cities like Hanoi and Ho Chi Minh City.
Besides, after a period of stagnation, investment demand has begun to recover, especially for selective real estate products such as townhouses/villas, land with good infrastructure and utilities.
Homebuyers will continue to favor projects from reputable investors with good records in handing over pink books, after-sales services, clear legal status, strategic locations, good connectivity to utilities and infrastructure development.
Meanwhile, housing supply in 2025 will improve, but will not be significant compared to demand, so the supply-demand balance will still be tilted towards high demand and low supply.
He added that homebuyer confidence has improved thanks to the recovery of the overall real estate market, a stable mortgage rate environment and accelerated development of key infrastructure.
