The real estate market research report for February 2024 of Batdongsan.com.vn recorded a decrease in the number of listings and overall interest. Specifically, the number of listings for sale decreased by 30% and the level of interest 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 them, individual houses, streetside houses, and apartments are the three types that saw the biggest decrease in listings, with decreases of 35%, 34%, and 30% respectively. However, the level of interest in apartments only decreased by about 8%, the lowest among all types. This is also the type that regained interest soonest after the Lunar New Year holiday.
While the sales market declined, the rental market quickly recovered after the Tet holiday. Specifically, although the number of rental listings decreased by 19% compared to January, the level of interest in rental properties increased by 15%. Among them, rental shops saw the highest increase in interest, averaging 24% compared to January. Hostels, streetside houses, and individual houses for rent also saw increases of 17%, 14%, and 12% respectively. This shows that workers quickly returned to major cities to find rental accommodation and business premises right after the Lunar New Year holiday.
The rental market saw a significant increase in interest
In the Hanoi market, the number of listings for all types of properties decreased, with an average decrease of about 28% compared to January. Among them, individual houses saw the largest decrease at 35%, followed by apartments at 33% and streetside houses at 28%. The search volume also decreased by 12% compared to the previous month.
Apartments are the most sought-after type of property in the Hanoi market after the Lunar New Year, although the level of interest has decreased compared to before the holiday. The prices of high-end apartments (over 50 million VND/m2) and mid-range apartments (30-50 million VND/m2) continued to increase, by about 4% and 3% respectively compared to January.
Notably, although the number of listings for rental hostels in Hanoi decreased by about 13% compared to the previous month, the search volume increased by 15%. This is also the type of rental property with the highest increase compared to the rest. This data reflects the reality of the market, as this year, workers returned to the city to find jobs earlier and in greater numbers than the same period in 2023.
In the Ho Chi Minh City market, similar to Hanoi and the whole country, the real estate market in Ho Chi Minh City recorded a decline in both the number of listings and overall interest in most types of properties. Among them, streetside houses saw the biggest decrease in both the number of listings and level of interest, corresponding to 38% and 31% respectively. Individual houses and land plots also saw a significant decrease in listings, by 37% and 33% respectively. As for apartments, although the number of listings decreased by 19%, the level of interest only decreased by 6%, the lowest among all types of properties.
The prices of apartments in Ho Chi Minh City remained stable, with a slight increase of 1% in the high-end segment. In general, prices were less volatile compared to Hanoi.
In the rental market, rental hostels and individual houses for rent are the two scarce segments in the Ho Chi Minh City rental market, with search volumes increasing by 9% and 15% respectively. The number of rental listings in the entire market decreased by 11-26%. Apartments for rent had the lowest decrease in search interest, only 4%, while office spaces for rent decreased by up to 39%.
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 and efforts by real estate businesses will help the market recover and gradually improve, with predictions of recovery beginning from the third quarter of 2024.
