The Northern Province Surpasses Hanoi and Ho Chi Minh City in Real Estate Interest: Unveiling the Unexpected Boom

Hưng Yên has emerged as the surprise standout province in April, witnessing a remarkable 82% surge in interest compared to the previous month, outpacing all other regions across the country.

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According to Batdongsan.com.vn’s April 2024 market report, there was an increase in the number of listings across most major markets. Quang Ninh saw the highest increase of 20%, followed by Bac Ninh with a 14% increase, Da Nang with 11%, Long An with 9%, Khanh Hoa with 6%, and Ba Ria-Vung Tau with an 8% rise.

Notably, Hung Yen witnessed the most significant surge in interest, with an 82% increase compared to March 2024. This was followed by Quang Ninh with an 8% increase, Da Nang with a 3% rise, Bac Ninh with a 2% increase, and Ninh Thuan with a 1% uptick. In contrast, markets such as Dong Nai, Long An, Lam Dong, Binh Duong, and Hai Phong experienced a decrease in interest.

Source: Batdongsan.com.vn

The large dataset from Batdongsan.com.vn also revealed that the overall interest for the first four months of the year across all markets significantly increased compared to the same period last year. Specifically, the number of searches on the site during these four months rose by approximately 31% year-over-year. However, property searches in April slightly decreased by 7% compared to March, while the number of listings increased by about 2%.

Source: Batdongsan.com.vn

In Hanoi’s real estate market, there was a 13% decrease in interest for properties on sale compared to March. The number of listings in April also witnessed a sharp decline of 28%. This downturn occurred across most segments of the market. Specifically, apartments saw the most significant drop in interest, falling by 23%, followed by land in projects, villas, and detached houses, which decreased by 19%, 17%, and 13%, respectively. The number of land project listings decreased by approximately 14% compared to the previous month, while other forms also slightly dropped, except for detached houses and shophouses, which increased by 4%.

Source: Batdongsan.com.vn

In contrast, Ho Chi Minh City’s market showed more stability in terms of search volume and listings compared to Hanoi. Interest in properties decreased by 3%, and the number of listings dropped by 4% compared to March. Apartments saw the most significant decline in interest, but it was only a 6% decrease, much lower than in Hanoi. The number of listings for sale also slightly dropped for apartments and shophouses, while land in projects, land plots, and villas increased by 8%, 4%, and 2%, respectively.

Source: Batdongsan.com.vn

An interesting observation in April was the increase in interest for affordable apartments in Ho Chi Minh City, which rose by approximately 7% compared to the previous month. In contrast, the mid-range and high-end segments witnessed decreases of 4% and 14%, respectively.

SOURCEcafef
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