According to the market research report for the second quarter of 2023 by Batdongsan.com.vn, the supply of apartments for sale during this period is low, with less than 1,000 products being put on the market. The reason given is that legal problems and procedures for opening sales have not been completed, causing many projects to be unable to bring products to the market.

New supply to the market mainly comes from projects in the Eastern area of ​​Ho Chi Minh City with prices in the high-end segment, not really suitable for real buying demand in the current period. For that reason, in District 9 and District 10, the number of searches increased slightly due to the launch of some mid-range projects, but in Thu Duc or District 2, there was no growth.

Meanwhile, it is noted that the demand for buying apartments in the western part of the city is increasing sharply, specifically in District 7, District 8, Binh Chanh and Binh Tan. The most searched areas currently belong to Binh Chanh and Binh Tan with the number of searches increasing by 8% and 9% respectively.

According to Mr. Dinh Minh Tuan, Director of Batdongsan.com.vn in the South, the number of apartment transactions is still low because the new supply is mainly high-end products with high selling prices. Therefore, it is not suitable for the real needs, as well as the payment ability of middle-income earners, ordinary workers, and even office workers and civil servants.

Meanwhile, in the secondary market, there are continuously loss-cutting products being sold at prices lower than the primary price of the investor. Perhaps for that reason, in the first 6 months of 2023, the supply of apartments in Ho Chi Minh City tends to stagnate, but in suburban districts, there are still projects that record many positive transaction signals.

In some projects in the West of Ho Chi Minh City, the transaction volume is still recorded at around 30 apartments/month. To do that, in addition to the interest of buyers, the projects here are keeping the mid-range price from 35 - 45 million VND/m2. In addition, investors continuously launch promotions, mini games and incentives related to discounts and loan interest support to attract customers.

Projects in this area are quite suitable for families who have accumulated an amount equivalent to 30-40% of the apartment value. After applying support measures and incentive programs, the monthly interest and principal payments are also suitable for income.

In addition, not only in the current period but also when the market begins to freeze at the end of 2022, projects in this area still maintain construction progress, making many people trust and welcome them. The projects also follow the development of infrastructure, focusing more on developing utilities to reduce the concern when buying a house far from the center.

Regarding market liquidity in the current period, according to Ms. Duong Thuy Dung, CEO of CBRE Vietnam, the demand for buying apartments in Ho Chi Minh City is still very high but is facing difficulties in cash flow. Therefore, when investors adapt to market demand and apply preferential policy changes, helping buyers access selling prices more easily, the market has recorded a significant amount of liquidity.

This shows that the sales policy of investors is also playing an important role at this stage. However, the appropriate price of the project is still the most important issue, even after the legality of the project. If the project applies many policies to extend the progress but does not have an appropriate price, the legal status is not stable or the investor's reputation is not strong, it will still face difficulties in product liquidity.

Many opinions also believe that, in the final period of the year, when the liquidity of the apartment segment increases sharply, when many projects begin to be launched, the market liquidity will recover. In addition, the expectation of the reduction of lending interest rates of commercial banks in the near future, helping buyers easily access cash flow, reducing the pressure of loans will help the market increase transactions.

Along with a series of positive signals pouring in at the end of the year, this is considered an important time, greatly affecting the recovery of the real estate market in Ho Chi Minh City in 2024.