The real estate market in Ho Chi Minh City, specifically in Thu Duc City (Ho Chi Minh City) at the beginning of March 2023, shows signs of activity. In some notary public offices, there is a significant increase in the number of customers coming to certify documents. In fact, there are even queues waiting for notary services in the morning.
An employee of a notary public office located on Do Xuan Hop Street, District 9 (now Thu Duc City, Ho Chi Minh City) said that in the past two to three weeks, the number of customers suddenly increased. As a result, the number of documents also increased, and she herself did not have time to rest. Many of these documents involve the transfer of land and houses in Truong Thanh Ward, Long Truong Ward, and Long Phuoc Ward (District 9).
Some notary public offices in District 9 have seen a large number of customers returning. Photo: Ha Vy
Along with that, the real estate brokerage market in East Ho Chi Minh City has also been continuously active recently, indicating a recovery in the real estate market in the southern region. Some brokers have had 5-6 transactions in a month, which is quite impressive compared to the beginning of 2023.
Notary public employees have been working intensively for the past 2-3 weeks. Photo: Ha Vy
The number of customer cars at Lai Thi Anh Duong Notary Public Office is quite high in the morning. Photo: Ha Vy
Although the number of customers coming to notary services is not as high as at the beginning of 2022, real estate transactions have started to take place in District 9. Photo: Ha Vy
According to observations, there are many real estate brokerage groups sitting along the roads in District 9 and District 2, providing product consultations and receiving customers. The return of brokerage activities indicates a lively real estate market in the East after Tet.
Brokers are speeding up their operations. Photo: Ha Vy
At urban areas, brokers are available from morning till evening. Transactions have taken place for both townhouses and land plots. Some townhouses with prices starting from 10 billion VND per unit are quietly being traded. Photo: Ha Vy
According to the Consumer Sentiment Index (CSS) provided by Batdongsan.com.vn for the first half of 2024, out of 1,000 survey participants, 65% said they would continue to buy real estate in 2024. Among this 65%, about 1/3 of the people are interested in land plots.
Land plots priced below 2 billion VND per plot attracts the most attention, accounting for 42%; prices from 2 to 4 billion VND rank second with 24% interest; prices from 4 to 6 billion VND account for 10%. The remaining two price ranges of 6-10 billion VND and over 15 billion VND have 9% and 15% interest, respectively.
Compared to the early and mid-2023, the real estate market in Ho Chi Minh City has shown clear signs of demand. Photo: Ha Vy
The representative of the company said that the demand for real estate and assets of Vietnamese people is still very high. Therefore, it is not surprising that land plots receive the most attention from consumers in 2024. In the first few months of the year, many land plot transactions with complete legal procedures and prices below 2 billion VND have been successfully closed. The people buying and selling land plots during this period have just reached maturity in their savings deposits and have a capital of about 1-2 billion VND.
Low-priced land plots are still of interest to buyers, with a price lower than the market by 10-25%. Photo: Ha Vy
Brokers have started making transactions. However, compared to the beginning of 2022, the market is still slower. Photo: Ha Vy
However, according to the forecast of experts, it will take at least the third quarter of 2024 for the land plot market to recover clearly. This segment will not experience the same feverishness as before. Transactions will mainly occur in certain specific areas, without spreading widely. It will be from 2025 onwards when the land plot market enters a price-increasing cycle.
