Search for real estate increases after Lunar New Year, especially land
After the Lunar New Year holiday, the interest in real estate suddenly increased. According to data from batdongsan.com.vn, the search volume for real estate nationwide started to increase from the second day of the Lunar New Year and continued to rise until the 10th day, reaching 124% compared to the week before the Lunar New Year.
In particular, the demand for real estate search nationwide in January 2024 increased by 66% compared to the same period in 2023, and the number of real estate listings also increased by 52%.
Notably, in Hanoi and Ho Chi Minh City, land and project land received more attention than apartments. In just January, the search volume for land in Hanoi increased by 110%, project land 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, project land, and only 59% for apartments.
 Land receives attention from many people after the Lunar New Year. Photo: Hoang Ha |
Although the market no longer experiences the “real estate fever” like at the beginning of 2022, the above data partly reflects the desire to own land of many people.
A report on the real estate consumer sentiment index of the unit also showed that up to 65% of the respondents still plan to buy real estate in the next year. Among them, the proportion of those buying for investment accounted for 60%, and land is still the most sought-after type of property by future buyers.
Mr. Dinh Minh Tuan, Director of Batdongsan.com.vn for the Southern region, said that since the beginning of December 2023, when the Draft Land Law (amended) started to receive attention and discussion, land investors have been returning to the market.
According to Tuan, more than 10 land businesses in provinces such as Dong Nai, Binh Duong, Long An… all shared that the number of land transactions has increased since the beginning of this year. Among them, most are focused on plots with standard legal status, prices below 2 billion VND, within a radius of 60km around Ho Chi Minh City.
In Hanoi, Tuan said that real estate brokers have also started working immediately after the Lunar New Year, focusing on meeting real needs such as buying and selling second-grade apartments or retail premises in the inner city. The scarcity of supply while demand still exists has made the post-Tet trading situation in these segments more active.
“Currently, many developers are determined to push early sales in this year because if they wait until 2025 when the amended Real Estate Business Law takes effect, collecting money will be more difficult and time-consuming. According to the new regulations, developers are only allowed to collect deposits of no more than 5% of the selling price of houses, construction projects formed in the future, after completing all obligations to sell, they can collect another 25%. The new supply in the real estate market will be improved soon in 2024,” Tuan predicted.
Should you invest?
Talking about the phenomenon of many people’s interest in the land segment after the Lunar New Year, Mr. Le Dinh Chung, General Director of SGO Homes, assessed that in 2024, the land segment that has experienced the largest price decline will begin to increase again, attracting more investors due to its suitable value, guaranteed legal status, and also the optimal choice at this time. Therefore, the land market will have many positive factors and clearer signs of growth.
“Being the segment with the deepest price decline, buying land during this period will be one of the advantages. When the market recovers, along with the new provisions of the laws effective from the beginning of 2025, new projects will have higher prices,” Chung said.
Meanwhile, Mr. Nguyen Anh Que, Chairman of G6 Group, believes that the land segment will gradually improve transactions from the third quarter of this year and become active again from the third quarter of 2025.
“Land continues to be a segment favored by investors with a small total value, high return on investment, and good liquidity when the market is good. The golden time to invest in real estate is 2024, 2025, the time to exit the real estate market is 2027, 2028,” Que expressed his point of view.
However, the leaders of G6 Group also noted that investors need to pay attention to planning issues when investing.
Nguyen Le
