The real estate market report for the first month of 2024 by Dat Xanh Services (DXS – FERI), the Economic – Financial – Real Estate Research Institute, shows that Ho Chi Minh City and its surrounding areas are the only region with an increase in new supply. Specifically, in January, the total new supply of Ho Chi Minh City and the provinces of Binh Duong, Dong Nai, and Long An increased by 90% compared to December 2023, reaching approximately 800 units.
On the other hand, there is no new supply in the Central region (Da Nang, Khanh Hoa, Binh Dinh, Quang Nam, Phu Yen) and the Western region (Can Tho, An Giang, Hau Giang, Vinh Long, Bac Lieu), while Hanoi and its suburbs decreased by 50% compared to the previous month.
According to DXS, new projects continue to be scarce in January, with only a few key projects contributing to the limited new supply. Some new projects are expected to be released to the market in the later quarters of the first quarter.
The apartment segment still maintains stable selling prices nationwide. Specifically, apartment prices in Hanoi, Hung Yen, Bac Ninh, Bac Giang, and Quang Ninh range from 20-60 million VND/m2; in the Central region, prices range from 26-100 million VND/m2; in Ho Chi Minh City and its suburbs, prices range from 27-80 million VND/m2; in the Western region, prices range from 30-65 million VND/m2.
The land and villa segments also have similar trends, with prices remaining relatively unchanged compared to the previous month. Specifically, land prices in Hanoi and its suburbs range from 17-60 million VND/m2, in the Central region range from 13-52 million VND/m2, in Ho Chi Minh City and its surrounding areas range from 15-55 million VND/m2, and in the Western region range from 11-32 million VND/m2. For villas, prices in Hanoi range from 27-194 million VND/m2, in the Central region range from 45-200 million VND/m2, and in Ho Chi Minh City and its suburbs range from 60-120 million VND/m2.
Townhouses and shophouses are the only segments that have witnessed price increases. For townhouses, prices in Hanoi and its suburbs range from 38-171 million VND/m2 (an increase of 2-3%); in the Central region, prices range from 38-120 million VND/m2 (an increase of 3-5%). The other two regions maintain stable prices, with prices in Ho Chi Minh City and its suburbs ranging from 25-91 million VND/m2 and in the Western region ranging from 22-47 million VND/m2.
For shophouses, prices in Hanoi range from 36-200 million VND/m2 (an increase of 2-3%); in the Central region, prices range from 45-220 million VND/m2 (an increase of 3-5%). Prices in Ho Chi Minh City and the Western region remain stable, ranging from 30-143 million VND/m2 and 25-43 million VND/m2, respectively.
According to DXS, primary apartment prices are maintaining a stable trend after a 3-7% increase at the end of 2023. Secondary market prices have also remained stable, with secondary transactions being relatively steady. Townhouses and apartments have seen more significant transaction volumes. Meanwhile, the rental housing market is growing steadily.
Transactions are still modest, focused on projects that are affordable, have good legal compliance, and are progressing on schedule. Although interest rates are at record lows, market confidence has not changed much. Most customers have not made a final decision and are still in the exploration phase before the Lunar New Year, considering purchasing after the holiday.
On the contrary, customers with financial potential are in the best position to make a purchase, with many options and preferential policies. The number of customers seeking and inquiring about real estate products with positive growth trends is noticeably higher than the same period in 2023.
Important laws that have been passed are expected to boost confidence and supply. However, implementation guidelines are still needed. The progress of legal reforms is still relatively slow, and the number of projects with legal clearance for sale has improved but is still modest. This is mainly due to the anticipation of the effective date of the new laws and changes in personnel in functional departments at some localities.
DXS stated that cooperation alliances between brokerage units remain the mainstream trend in the market. At the same time, developers continue to race in offering many “blockbuster” policies to support customers, such as extending payment schedules, increasing interest rate support periods, and commitment to leaseback terms,…