The real estate market research report for February 2024 by Batdongsan.com.vn has recorded a decrease in the number of property listings and overall interest on the website. Specifically, the number of listings for sale has decreased by 30% and the level of interest has decreased by 14% compared to January. The main reason is the Lunar New Year holiday. However, compared to the first two months of 2023, the market sentiment has been more positive with a 13% increase in interest.
Source: Batdongsan.com.vn.
Among the different types of properties, individual houses, townhouses, and apartments have experienced the steepest decline in listings, with decreases of 35%, 34%, and 30% respectively. However, the level of interest in apartments has only decreased by around 8%, the lowest among all property types. This is also the property type that has regained interest the fastest after the Lunar New Year holiday.
While the sales market has declined, the rental market has quickly rebounded after the holiday season. Although the number of rental listings has decreased by 19% compared to January, the level of interest in rental properties has increased by 15%. Among them, the rental space for shops has seen the highest increase in interest, averaging 24% compared to January. Room rentals, townhouse rentals, and individual house rentals have also witnessed increases of 17%, 14%, and 12% respectively. This indicates that workers have returned to major cities to find accommodation and business premises shortly after the Lunar New Year holiday.
The rental market has shown a significant increase in interest.
In the Hanoi market, the number of listings for all property types has decreased, with an average decline of around 28% compared to January. Among them, individual houses have seen the largest decline of 35%, followed by apartments with a decline of 33%, and townhouses with a decline of 28%. The search volume in this month has also decreased by 12% compared to the previous month.
The apartment sector is the most sought-after property type in the Hanoi market after the Lunar New Year, although the level of interest has decreased compared to before the holiday season. Prices of high-end apartments (above VNĐ 50 million/m2) and mid-range apartments (VNĐ 30-50 million/m2) continue to increase, by approximately 4% and 3% respectively compared to January.
Notably, although the number of listings for room rentals in Hanoi has decreased by around 13% compared to the previous month, the search volume has increased by 15%. This is also the property type with the highest increase in interest compared to others. This data reflects the reality of the market, as this year, workers have returned to the city earlier and in larger numbers compared to the same period in 2023.
In the Ho Chi Minh City market, similar to Hanoi and the whole country, the sale of real estate in Ho Chi Minh City has experienced a decline in both the number of listings and overall interest across most property types. Among them, townhouses have seen the largest decline in both listings and interest, with decreases of 38% and 31% respectively. Individual houses and land plots have also experienced significant decreases in listings, with declines of 37% and 33% respectively. However, the apartment sector, although the number of listings has decreased by 19%, has only seen a 6% decrease in interest, the lowest compared to other property types.
The prices of apartments in Ho Chi Minh City remain stable, with a slight increase of 1% in the high-end segment. Overall, prices have shown less volatility compared to Hanoi.
The data shows that in February, the real estate market continued to decline in both the number of listings and search demand. Batdongsan.com.vn believes that some positive signals from the macro economy, the efforts of real estate businesses, etc., will help the market gradually recover from the third quarter of 2024 onwards.
