Specifically, the nationwide real estate search volume began to rise from the 2nd day of Tet and maintained a strong upward trend, reaching a 124% increase compared to the week before Tet.
Compared to the beginning of 2023, the real estate market this year shows more positive signs in terms of interest and listing volume.
Data from PropertyGuru Company shows that the nationwide demand for real estate search in January 2024 increased by 66% compared to the same period in 2023, and the listing of real estate for sale also increased by 52%.
Of note, in Hanoi and Ho Chi Minh City, land plots and land projects have a stronger interest than apartments.
Real estate purchase demand increases after Tet.
Specifically, in January 2024, the search volume for land plots in Hanoi increased by 110%, and land projects increased by 77% compared to the same period last year. Meanwhile, the search volume for apartments in Hanoi increased by 71%. Similarly, in Ho Chi Minh City, the search demand increased by 71%-73% for land plots, land projects, and only increased by 59% for apartments.
Some of the data above reflects the desire of many people to own land, even though there is no land fever like at the beginning of 2022.
The Real Estate Consumer Sentiment (CSS) report and index by PropertyGuru Company for the first half of 2024 also shows that up to 65% of respondents said they still plan to buy real estate in the next year. Among them, the proportion of those buying for investment accounts for 60%, and land plots are still the type that future buyers are most interested in.
According to the CSS report, the psychology of real estate buyers and sellers is no longer as cautious as in 2023. The real estate market sentiment index for the first half of 2024 increased by 3 points compared to the second half of 2023. This index increased thanks to the improvement in consumer satisfaction with the potential for real estate price increases, interest rates for home loans, policies, and market conditions.
In the context of the real estate market gradually warming up at the beginning of the year, brokers, trading floors, and investors have launched early business campaigns to not miss the opportunity to approach a large number of potential customers.
Mr. Dinh Minh Tuan, Director of PropertyGuru Company in the Southern region, said that since the beginning of December 2023 when the draft Land Law (amended) received a lot of attention and discussion, land investors have started to return to the market.
According to Mr. Dinh Minh Tuan’s research with more than 10 land businesses in Dong Nai, Binh Duong, Long An, they all shared that the number of land transactions at the beginning of this year increased. Among them, most focus on land plots with standard legal documents, prices below 2 billion dong, within a radius of 60 km around Ho Chi Minh City.
In the Hanoi market, with segments that meet real needs such as buying and selling, renting second-class apartments, or retail ground floor space in the inner city, many real estate brokers have also started work immediately after the Tet holiday. Limited supply while demand still exists has made the post-Tet trading situation in these segments more bustling.
Assessing the psychology and trends of real estate business units, Mr. Dinh Minh Tuan said that currently many investors are determined to push sales early in 2024 because if they wait until 2025 when the amended Law on Real Estate Business takes effect, it will be difficult and time-consuming to collect money. At that time, investors will only be able to collect a deposit of no more than 5% of the selling price of a house, with the construction project formed in the future, only after completing all obligations, they can collect an additional 25% deposit.
Therefore, this expert predicts that new supply in the real estate market will be improved early in 2024.
