DKRA has just released a report on the real estate market in Ho Chi Minh City and its surrounding areas. According to the report, in the first 2 months of 2024, there was 1 new project and 3 projects in the next phase of sales in the area. This provided 138 lots to the market, a 14% decrease compared to the same period last year.
Meanwhile, there were 7 new transactions recorded, a 25% decrease. The transactions were concentrated in the group of products with an average price of about 21.5 million VND/m2.
Looking at the regions, Long An province was the main contributor to the supply and new transactions in the region, accounting for 60% and 58% respectively. Binh Duong and Dong Nai had supply proportions of 25% and 15% respectively. Tây Ninh province, Ba Ria – Vung Tau province, and Ho Chi Minh City did not record any new supply.
The prices of new land plots in Long An ranged from 17.2 million to 54.9 million VND/m2; in Binh Duong, it was around 14.5 to 16 million VND/m2; in Dong Nai, it was about 12.3 to 13.7 million VND/m2.
In general, the primary price level did not fluctuate much compared to the previous sales round. Incentive policies, extended payment terms, profit commitments, etc. continue to be applied by investors to stimulate demand.
The secondary market tends to remain stable compared to the end of 2023. Market liquidity is average, and projects with completed infrastructure and legal documents continue to attract investors’ attention.
According to DKRA, it is expected that there will be a significant new supply in the coming months, with most of the products concentrated in the areas adjacent to Ho Chi Minh City.
According to Batdongsan.com.vn, the real estate market in Ba Ria – Vung Tau province recorded positive signs of recovery in the first month of 2024. This is a rare case in the southern region where the interest in buying real estate has increased in the first month of 2024.
According to the real estate market report in January 2024 from Batdongsan.com.vn, although the number of real estate listings in Ba Ria – Vung Tau decreased by 15%, the demand for real estate in this province in January 2024 increased by more than 5%. Specifically, land plots saw the strongest transaction demand in the first month of the year, which was also the segment with the best purchasing power growth in recent times. On the other hand, other products such as apartments, private houses, and vacation villas remained relatively quiet.
The demand for land plots in Ba Ria – Vung Tau increased by more than 16% in the first month of the year. Apart from land plots, there was also an increase of 2.8% in the number of customers interested in private houses in this province compared to the previous month. Vacation villas in Ba Ria – Vung Tau did not experience any significant changes in demand, while the demand for apartments decreased by 11%.
Notably, the surge in the interest in buying real estate in Ba Ria – Vung Tau in the past month was mainly focused on the market in Dat Do district. Data from Batdongsan.com.vn shows that the demand for real estate in Dat Do district increased by 68.7% in January, mostly in the segment of residential land and subdivided land plots. The price range was around 600 million to 1.2 billion VND, with small sizes.
Furthermore, Chau Duc district also saw an 11.2% increase in the interest in buying land plots in the early days of the year. Bà Rịa and Xuyen Moc had small fluctuations in the number of searches for land plots, with increases of nearly 3% and 4.4% respectively.
As for the three areas of Vung Tau, Phu My, and Long Dien, the demand for real estate investment has not shown a clear recovery, with the average search for real estate in these areas decreasing by 2-7% compared to December of the previous year.
Regarding the timing of land plot investment this year, according to Mr. Dinh Minh Tuan, Director of Batdongsan.com.vn in the southern region, the real change in the market will only happen in the second or third quarter of 2024. Currently, it is still a period of exploration and waiting. For investors with financial leverage, it is not advisable to participate in the land plot segment at this time. However, for large investors with strong financial resources, this is the right time to seek opportunities.
“Currently, it is an opportune time to search for investment land funds. However, investors should choose affordable land plots, priced below 2 billion VND, with complete legal documents and land title certificates. It is expected that this group will see an increasing number of transactions in the coming time.
