Responding to VTC News about the real estate market assessment, Ms. Duong Thuy Dung, CEO of CBRE Vietnam, said that there will not be much "light" for the real estate market in 2024.

However, the market will have some positive signs such as more products being offered for sale, buyers will have more choices when confidence has improved. Ms. Dung commented that it will not be until mid-2024 that people will clearly see the improvement of the market.

In response to the question of VTC News reporter: “ Previously, experts predicted that by the third and fourth quarters of 2023, the real estate market would have many improvements. However, up to now, things are not as the experts said, the signs of improvement are too little. Are experts predicting in a 'testing the waters' manner?"

Ms. Dung said: “ At the end of 2022, I also predicted that the market would improve by the end of 2023. However, things did not go as expected, and I and CBRE had to make adjustments. I also apologize for this because the market did not go as expected .”

According to research by CBRE Vietnam, 96% of new apartment supply in Ho Chi Minh City in the third quarter came from the high-end segment, the remaining 4% was in the luxury segment. There was no new supply from the “affordable” or even mid-range segment.

The primary selling price of the Ho Chi Minh City apartment market in the third quarter of 2023 was VND60.6 million/m2, up 4% quarter-on-quarter and 1.9% year-on-year, mainly due to new supply in the luxury and high-end segments with price adjustments.

According to CBRE Vietnam, support from local authorities continues to be a driving force for the housing market. Notably, in the first 8 months of 2023, 67/180 projects in Ho Chi Minh City had their legal problems resolved.

In addition, the VND120,000 billion credit package for developing social housing, worker housing and renovating old apartment projects has had one project approved for a loan. This is one of six projects eligible for loans in Ho Chi Minh City.

On the other hand, in the third quarter of 2023, some investors in Ho Chi Minh City have launched many outstanding sales policies. Typically, the policy of receiving the house after paying 20%, the rest can be paid in the next 4 years.

Or like a project in the East of Ho Chi Minh City "launched" with a special price policy, 50 units were sold at a price 20 - 25% lower than the average price of the entire basket (250 units) if choosing the quick payment option. Thanks to that, this project achieved almost absolute consumption with units at preferential prices.

“ In fact, attractive sales policies helped improve the absorption rate of new supply in the third quarter. More than 2,600 units were sold, equivalent to 55% of newly launched units and nearly double the absorption rate of the second quarter,” CBRE Vietnam assessed.

According to CBRE, for low-rise ready-built housing products, the average primary price in Ho Chi Minh City is stable at VND255 million/m2 of land, due to limited new supply.

Similarly, transactions and demand in the secondary market remain low, as there has been no significant change in average selling prices during the first nine months of 2023 and investors remain in a “wait and see” mode amid continued financial pressure.

However, the low-rise real estate segment is expected to improve in new supply from the fourth quarter of 2023, mainly coming from urban areas in the East and South of Ho Chi Minh City.

DAI VIET