The market is on the rise

Recently, many real estate businesses are preparing many resources to "race" to bring old and new housing products to the market in time for sales in the last 6 months of 2024.

A series of projects are expected to be the focal point to help customers have more choices and stimulate market recovery.

Mr. Le Van Hung, Director of Nam Phat Real Estate Construction Joint Stock Company said: “In the first quarter of 2024, the real estate market in Ho Chi Minh City, Binh Duong or Long An did not have any new projects, the market lacked supply, causing liquidity to be slow or non-existent, even in secondary sources.

This makes it difficult not only for businesses but also for investors because they cannot circulate cash flow.

However, since the beginning of the second quarter of 2024, all information about the financial picture across the country has been more stable, banks have reduced lending interest rates... real estate investors have also accelerated the renewal of old products and launched new products to stimulate buyers. This is a very positive signal.

Research data from the Vietnam Association of Realtors (VARS) shows that the real estate market in the first quarter of 2024 continued to have positive changes. The market has had new supply as investors have begun to launch a series of projects.

Groundbreaking activities, kick-off events, and "renewal of old goods" are taking place in a bustling manner with increasingly large scale. The recovery wave is spreading more and more widely. The absorption rate reached nearly 31%, with about 6,200 successful transactions, up 8% compared to the previous quarter and double the same period last year.

In addition, newly opened projects from land plots, townhouses, villas, apartments... all recorded good growth in interest, transactions and selling prices in both the primary and secondary markets.

Mr. Pham Van Binh, General Director of Keyone Land Real Estate Investment and Development Joint Stock Company, shared: “Since April 2024, the market in the West of Ho Chi Minh City has had many positive changes, the apartment segment here is being developed and built by many investors. The company's employees have begun to have successful transactions, thereby improving the company's revenue and liquidity.”

"This is a good sign, because in the past, we could not sell the products for many different reasons. But in the recent short time, my company has completed and distributed the products that the investor delivered very stably. Project products with full legal documents always attract investors, especially in the mid-range segment that is suitable for current needs and cash flow," said Mr. Binh.

Mid-range apartments dominate project supply

According to experts, the liquidity in some segments such as apartments and land is there, which proves that the market is gradually recovering. However, the previous strength will no longer exist, but instead will be the steadfastness and slowness of investors.

Since the beginning of the second quarter of 2024, along with the economy, the Vietnamese real estate market has been recovering, becoming more active month by month. A series of real estate projects in various segments have been restarted, started, announced, and introduced to the market, all attracting attention with impressive sales results.

In Ho Chi Minh City and surrounding areas, a series of projects are being deployed for business, kick off, and bookings are being accepted such as Vinhomes Grand Park; Eaton Park, Gamuda; Akari Nam Long; Nha Khang Dien, in Ho Chi Minh City; A&T Garden, Phu Dong Sky One; Bcons Polaris (Le Trong Tan), Binh Duong or Lahome, Prodezi; King Hill; DA Lavila Tran Anh Group….

According to Mr. Nguyen Van Dinh, Chairman of VARS, the common point of most projects currently being deployed for business is that they all have a thorough investment in quality with "clean" legal documents, along with increasingly diverse incentive policies, suitable for the needs and desires of customers right from the booking stage, or old projects but still have products and investors continue to renew and restart.

Most of the projects launched in the first half of the second quarter have attracted attention, with impressive bookings and sales results, although the projects launched on the market are mainly in the mid-range and above segments.

Because the investment demand in the market is still very large, including the demand for the luxury and high-end segment, not just the segment that meets real housing needs.

This is also the source of supply that contributes the majority of real estate transactions in the first half of the second quarter of 2024, when secondary transactions, especially apartments and residential land products priced under VND 5 billion, slow down with selling prices remaining stable after a period of hot growth.

In addition to promoting investment in projects, cooperation and association models between investors and trading floors, and between trading floors are also promoted to develop and distribute projects to both domestic and international markets.

Mr. Ngo Luu Binh, General Director of Bcons Group, commented: “The market has now recovered, but slowly and not as hot as before. In addition, current investors mainly offer mid-range products, suitable for the finances and needs of buyers. The apartment segment from 1.5 to 2.5 billion will lead the market in the coming time.”

According to Mr. Binh, although the market has gone through a difficult period, real estate prices will not decrease, because many factors affect product prices such as land pricing framework, materials, project implementation process, etc.

Therefore, this time is also very suitable for investors to buy real estate because the prices offered by investors are reasonable, and the legal documents are also standard, helping buyers feel more secure.