The apartment building will continue to attract the attention of customers and investors in the fourth quarter of 2024. In the photo: Customers attending the project opening event in Ho Chi Minh City. Photo: Le Toan

Apartments will "shoulder" the market in the last quarter of the year

A report from the market research department of DKRA Group shows that in August 2024 alone, 12,092 apartments were opened for sale in the southern provinces, an increase compared to July, mainly concentrated in Binh Duong and Ho Chi Minh City. Specifically, Ho Chi Minh City accounts for 58% and Binh Duong accounts for 37% of the total primary supply in the entire market.

Demand increased, primary consumption in August reached nearly 800 units, up 36% compared to the previous month, of which, the majority was recorded from projects under sale in Binh Duong (accounting for 54% of total primary consumption in the whole market).

According to DKRA Group, entering September, many projects began communicating to prepare for sales. Accordingly, new supply in September and the fourth quarter of 2024 is expected to have clear changes.

According to a market survey conducted by Investment Newspaper reporters, many businesses are in the preparation stage, ready to launch projects in the last quarter of the year.

Specifically, in Ho Chi Minh City, Vingroup Corporation said that from October, it will officially open for sale the Opus One subdivision in Vinhomes Grand Park urban area (Thu Duc City). In this sale, Vingroup will launch 2,000 apartments.

Also in Thu Duc City, the Eaton Park Project (area of ​​3.7 hectares, including 6 apartment blocks with 2,052 apartments) is open for sale.

In the South of Ho Chi Minh City, Khai Hoan Land Group opened for sale Khai Hoan Prime apartments. This is Khai Hoan Land's first apartment project, built on an area of ​​nearly 20,000 m2, with 3 apartment towers: Vinci building, 27 floors high, including 569 apartments; Mika building, 25 floors high, including 360 apartments and Gali building, 27 floors high, including 328 apartments.

The most exciting market atmosphere comes from Binh Duong province, with about 20 apartment projects announced to launch in the fourth quarter. Including Phu Dong Skyone Project of Phu Dong Group with 780 apartments, TT Avio Project with 2,000 apartments... Investor Bcons also plans to launch about 3,000 apartment products in the fourth quarter of 2024.

In October, the Ben Hill Thuan An project with 800 apartments is expected to be launched on the market. The Orchard Hill apartment project, built on an area of ​​1.1 hectares, including 2 24-storey apartment towers, providing 774 apartments, is also expected to open for sale in the next quarter.

Recently, Phat Dat Group announced that it will launch 2 projects in November. Of which, the Thuan An 1 High-rise Complex Project has a total investment of more than 6,000 billion VND, developed on a land fund of 18,146.7 m2, with a maximum height of 39 floors, expected to provide about 3,133 apartments. The Thuan An 2 High-rise Complex has an area of ​​26,530.7 m2; a maximum height of 39 floors, providing about 3,500 apartments and 17 shophouses.

In addition, the list of projects about to be introduced to the market in Thuan An City also includes the A&T Sky Garden Project (including 2 towers 40 floors above ground and 2 basements, total floor area of ​​106,895.3 m2, supplying the market with 946 apartments); Setia Gardens Residences Project (including 3 apartment towers 26 floors above ground, 2 basements, supplying the market with 865 apartments)...

In the Long An market, after many years without any apartment products, in the next quarter, there will be a number of apartment projects opened for sale. Among them, we can mention the Destino Centro Project, an area of ​​about 2.7 hectares, a scale of 5 apartment blocks 20 floors high, with more than 2,000 apartments.

On the business side, Nam Long Group informed that it will launch about 5,000 EHome Southgate apartments; Cat Tuong Group is actively completing legal procedures to launch Cat Tuong Phu An Project at the end of the fourth quarter, including 5 blocks 17-18 floors high, providing the market with 1,652 apartments with an area of ​​37-88 m2; Thang Loi Group also plans to launch a social housing apartment project at the end of the fourth quarter in Ben Luc district.

Regarding the townhouse, land, and resort segments, according to DKRA Group, in August 2024, the Southern provinces had 88 townhouse projects opened for sale, supplying 4,466 units to the market, down 8% in product quantity compared to July 2024. In terms of consumption, only 207 units were sold, down 48% compared to July 2024.

Meanwhile, the land segment also saw projects, but the number of products was only under 1,000 products, and the transaction volume was quite slow. The resort real estate segment in August 2024 had 2,907 products put on the market, but no transactions were recorded.

How will house prices develop?

Mr. Vo Hong Thang, Director of Real Estate Market Research at DKRA Group, said that currently, the primary and secondary selling prices have not fluctuated much. Transactions are concentrated in mid-range projects with prices of 45-60 million VND/m2 in Ho Chi Minh City and 30-35 million VND/m2 in neighboring areas, with complete legal procedures and rapid construction progress. In particular, the apartment market in Ho Chi Minh City recorded the highest price of nearly 500 million VND/m2.

“In the fourth quarter, apartment prices will not increase, because now, investors do not increase prices in the short term. At the end of the year, they will focus on sales and offer the best payment policies to boost product consumption,” Mr. Thang commented.

In her general assessment of the real estate market in the Southern region, Ms. Nguyen Thi Thanh Thao, Sales Director of Phu Dong Group, said that the market has improved and liquidity has improved. The fact that investors are continuously offering and introducing projects shows positive signals from the market.

In addition, Ms. Thao emphasized that the apartment segment has always attracted a large number of investors and those who need to live in it for many years. Previously, buyers had a speculative mentality to make immediate profits, but after a period of market stagnation, customers' psychology has changed. They choose products with stable legal status and reputable investors.

Giving a scenario for the housing market from now until the end of the year in Ho Chi Minh City, Ms. Thao predicted that new supply will improve towards balance. There are two positive supporting factors for the market.

Firstly, there is an additional supply of social housing, affordable to mid-range apartments to serve people with average incomes and above.

Second, public investment is being promoted by Ho Chi Minh City. In the report for the first 8 months of the year, the Ho Chi Minh City Statistics Office assessed that the Land Law, which will take effect from August 1, 2024, will have a positive impact, remove difficulties and obstacles, open up land resources and speed up the compensation and site clearance progress of projects in the coming time...

“In my opinion, the segment that is most attractive and attracts customers’ attention in the last months of the year is the product line priced under VND2 billion, located in apartment projects. For the townhouse segment, products priced under VND3 billion, located in projects with good traffic infrastructure will have high consumption. Land and resort real estate cannot be vibrant in the fourth quarter,” Ms. Thao commented.