Overview of the real estate market in the first 9 months of 2024

    Thạch Lam |

    At present, the real estate market has shown signs of reversal, the level of interest in real estate tends to increase.

    Just passed through a period of volatility, showing signs of recovery

    From the end of 2022, PropertyGuru Vietnam forecasts that the Vietnamese real estate market will reverse around the second to fourth quarter of 2024. Currently, data shows that the market has shown signs of reversal, with interest in real estate tending to increase.

    Accordingly, the level of interest in land in the third quarter of 2024 is expected to increase by 49% compared to the same period in 2023, private houses increased by 25%, apartments increased by 24%, villas increased by 22%. Participating in this unit's survey, 72% of brokers commented that the fluctuations in the current real estate market are showing more positive signs.

    Mr. Nguyen Quoc Anh, Deputy General Director of PropertyGuru Vietnam, said: “The three amended laws related to real estate are being positively received by buyers, brokers, trading floors and real estate investors. The real estate market in 2024 is expected to increase transparency thanks to changes in the Law. The supply of social housing is also likely to improve with new preferential and support policies."

    Real estate supply and absorption rates improve

    According to PropertyGuru Vietnam, many newly launched projects in Hanoi and Ho Chi Minh City have quite high prices. In Hanoi, the average price ranges from 45-90 million VND/m2. In Ho Chi Minh City, the average price ranges from 45-130 million VND/m2. Responding to the survey of the unit, most brokers said that the absorption rate of newly launched projects ranges from average (30% - 60%) to very good (>80%).

    The market for private houses and land plots has also recorded an upturn. According to real estate market data for the first 9 months of 2024 from Batdongsan.com.vn, the two types of private houses and land plots have generally improved in terms of interest and transactions. However, this is still only a local improvement in some areas, especially the northern provinces.

    According to PropertyGuru Vietnam's price history tool, in the North, private house prices increased to VND173 million/m2 in Q3/2024 compared to VND95 million/m2 in Q1/2021. Meanwhile, land prices in this area increased to VND46 million/m2 in Q3/2024 compared to VND27 million/m2 in Q1/2021.

    In other developments, the rental market is entering a growth cycle due to peak season factors and pressure from selling prices. In the first 9 months of 2024, selling prices have gradually increased to over VND50 million/m2, creating pressure on rental prices to increase accordingly, from VND10 million/unit/month at the end of 2023 to VND11 million/unit/month.

    Thạch Lam
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