Land is attracting attention again
Batdongsan.com.vn’s real estate market research report for January 2024 shows that the number of real estate listings for sale decreased by about 19% compared to December. The main reason is the limited supply of new products in the market. Due to the scarce supply, many businesses and brokers took an early Tet holiday. The festive atmosphere also caused a slight decrease in overall market interest of about 1%.
The highlight is that compared to the same period in 2023, market interest has increased by about 66% – an indicator that the market sentiment has had positive changes.
In Hanoi, individual houses have the largest decrease in listing volume, down 15% compared to December. The listing volume for apartments and land also decreased by 10% and 8% respectively.
Although the number of listings has decreased significantly, the level of interest only decreased slightly by 1-2% across all types. In particular, for land, the level of interest increased by 6% compared to December. This data indicates that people are still interested in the real estate market and are waiting for opportunities, especially in the land investment channel, which has been silent for a long time.
People are still interested in the real estate market and are waiting for opportunities, especially in the land investment channel, which has been silent for a long time
In the rental real estate market in Hanoi, only the interest in boarding houses has increased by about 12% compared to December. This may be the result of people searching for information about renting houses and rooms after Tet, as many workers tend to return home at the end of the year and need new accommodation after Tet to find new jobs.
In Ho Chi Minh City, the sale of real estate has recorded a decrease in both the number of listings and the level of interest in most types. Among them, land listings decreased the most by 23%, followed by individual houses and apartments with a decrease of 15% and 10% respectively. The level of interest in these types also decreased more than in Hanoi, by 8% and 6% respectively.
Similar to the sales market, the rental real estate market in Ho Chi Minh City also experienced a decrease in the number of listings and the level of interest in most types. The demand for office space decreased the most, by about 28%. The level of interest in boarding houses and rooms also decreased by about 13% compared to December.
In provincial markets, Hai Phong market had an increase in interest by 3% compared to December, while the number of listings decreased by 5%. Binh Duong recorded a significant decrease in the number of listings for sale, down 15% compared to December, but the level of interest only decreased by about 5%. The level of interest also decreased by 2% in the Da Nang market and the level of interest decreased by about 7%.
The level of interest in January decreased by about 1% compared to December 2024, but increased by 66% compared to the same period in 2023.
The real estate market in Khanh Hoa province has the highest increase compared to the rest, with the interest in villas and apartments increasing by 7% and 4% respectively compared to the previous month. The listing volume of apartments for sale also increased slightly by about 1%.
In practical terms, it can be seen that the real estate market in January 2024 recorded a decrease in both the number of listings and the level of interest. Evaluating the real estate market in 2024, many experts believe that the market may continue to face difficulties in the first half of the year and gradually recover in the second half.
The real estate market in Hanoi will be brighter than the previous year
According to Batdongsan.com.vn and practical surveys, money has returned to the real estate market in Hanoi after Tet, focusing only on products that meet high actual demand, with speculative products. This money only goes to products of large, reputable, legally clear developers, and existing products. The resurgent sentiment is a phenomenon and individual case. In general, the purchasing power of the market for speculative products has not really improved.
Despite that, the real estate market in Hanoi is still expected to be brighter than the previous year.
In particular, according to Mr. Nguyen Van Dinh, Chairman of the Vietnam Real Estate Brokers Association, the actual development of the market will still depend on the policies and involvement of the Government, as well as the attitude of businesses and investors.
If businesses and investors do not have a common attitude to build a stable and sustainable market, the market will still face difficulties. Therefore, Mr. Dinh expects the Government and businesses to actively cooperate to overcome difficulties, promote the healthy development of the real estate market, and make positive contributions to economic growth…
