This report from this unit states that Dong Nai real estate records the recovery of demand for buying single-family homes, project land plots, and townhouses. In January 2024, due to the general situation, the demand for buying Dong Nai real estate declined by 3% compared to the previous month. However, there is still positive improvement in some segments such as single-family homes, land plots, and townhouses.
Specifically, in February, the number of searches for buying private houses in Dong Nai increased by 2.8%, the search for project land plots in Dong Nai by 1.5%, and the search for townhouses increased by nearly 11% compared to the previous month.
Nhon Trach, Vinh Cuu, and Dinh Quan are the three localities experiencing the most positive increase in demand for real estate in Dong Nai. Specifically, the number of searches for real estate in Nhon Trach in the past month increased by over 10%, Dinh Quan increased by 7.7%, and Vinh Cuu increased by 8.6%.
On the contrary, Trang Bom and Long Thanh are the two areas with the strongest decline in demand for real estate in Dong Nai in January 2024. The decrease was 15% and 13% respectively compared to the end of 2023.
In terms of selling price, the selling price of Dong Nai real estate remained stable in January. The sharp decrease has stopped and maintained a balanced level ranging from 7-25 million VND/m2 for land plots and around 1.5 – 3 billion VND for single-family homes.
Land plots with prices ranging from 8 – 13 million VND/m2 and common areas from 70 – 120 m2 have received the most attention recently. This is also the product with the most improved transactions in the market during this period. The primary price level of land plots in Dong Nai no longer records a significant decrease, but in the secondary market, there are still discounted products from 7 – 10% compared to the end of 2023, the decrease in customers using loans, and projects with large scales that are not yet complete in terms of infrastructure and legal issues.
Photo by Ha Vy
For townhouses in Dong Nai, the common price range is from 4-13 billion VND/can with high growth demand, but the actual transactions are still very few. This type of property is being observed by investors but has not really been bought due to concerns about prices and short-term recovery potential.
Earlier, when sharing information about Dong Nai real estate, Mr. Nguyen Van Cuong, Chairman of the Dong Nai Real Estate Brokers Association (Vars), said that the regional market is showing signs of recovery after a period of volatility. The positive point of the market is the trust of buyers in the land plot segment has recovered. Accordingly, the demand for buying land plots and single-family homes in Dong Nai has shown better growth since late November 2023. Even the townhouse segment, although not significantly recovered, has increased by about 2%.
However, in general, Dong Nai real estate transactions are still weak because the market has completely lost investors and speculators, while the demand for actual land plots is very low. Moreover, the decreased confidence and the inability to determine the specific timing of the real estate market recovery also make many people hesitant to invest in real estate at this time. According to the forecast, it will not be until the end of 2024 that the real estate market here will show clear signs of demand.
