According to this company, there are no new land supply for sale in the fourth quarter of 2023 due to the stagnant market and unfavorable economic situation.
New supply in 2023 mainly comes from the next phase of urban areas, focusing in Thu Duc City. Other areas in Ho Chi Minh City face challenges of scarcity of suitable land for developing landed property projects.
New sales volume in 2023 significantly decreases compared to the same period of the previous year. The majority of primary supply is from projects with higher-than-average selling prices. These projects attract more selective buyers, thus affecting the overall limited new sales volume in 2023.
A large amount of primary supply in the market is located in Thu Duc City. Therefore, prices from these projects will influence the average primary price in the market. This is the main driving factor leading to the continuous increase of average landed property prices in Ho Chi Minh City in 2023, reaching nearly 14,500 USD/m2.
According to Cushman & Wakefield, the market sentiment of landed property segment in Ho Chi Minh City in 2023 is more subdued compared to previous years, similar to the general sentiment of most Vietnamese buyers that they temporarily pause buying activities and observe further. In the context of a sluggish real estate market and global economic instability, real estate assets with low liquidity are not the investment priority for investors.
In the near future, Ho Chi Minh City desires to continue urbanization to areas with low population density such as Thu Duc City and Nha Be District. Among them, Thu Duc City is expected to have the highest supply of landed property from available land resources and rapidly developing infrastructure network.