The Ministry of Construction has released information on housing and the real estate market for Q2 2024. According to data compiled from reports by 60 out of 63 local Departments of Construction, there were 25,885 successful transactions of apartments and detached houses. There were also 124,991 successful land plot transactions.
A comparison of the data shows that the number of transactions for apartments and detached houses in Q2 tends to decrease compared to Q1/2024, while the number of land plot transactions increased (there were 35,853 transactions of detached houses and apartments, and 97,659 land plot transactions in Q1/2024).
Accordingly, the number of transactions for apartments and detached houses in Q2 is 72.2% of that in Q1/2024 and 87.08% of that in the same period last year. The number of land plot transactions is 127.9% of that in Q1/2024 and 185.8% of that in the same period last year.
According to reports from 60 out of 63 localities, the real estate inventory in projects in Q2/2024 was about 17,105 units/plots (including apartments, detached houses, and land plots). Specifically, there were 2,999 apartments, 7,045 detached houses, and 7,061 land plots. Thus, the inventory mainly consists of detached houses and land plots in projects.
The inventory of detached houses and land plots in Q2/2024 was 14,106 units/plots (7,045 detached houses and 7,061 land plots), equivalent to 73% compared to Q1/2024 (the inventory of detached houses and land plots in Q1/2024 was 19,323 units/plots, including 8,468 detached houses and 10,855 land plots).
Easier mortgage interest rates
Starting from the beginning of the year, banks have been implementing various low-interest credit packages, offering loans to pay off debts from other banks… with the aim of stimulating the demand for home loans.
Removing Land Policy Bottlenecks, Creating New Resources for Development
The passing of the Land Law by the National Assembly has been well-received by society, with expectations that policy barriers and bottlenecks will be quickly dismantled and eliminated. This will effectively utilize land resources, contributing to the creation of new resources that will promote socio-economic development…
‘Unusual surge in prices of old apartments’
After years of hard work and saving, many families have accumulated huge sums of money. However, with soaring prices and record low interest rates, buying a home has become a challenging task for many.
Real Estate Expert Forecasts Booming Market for Land in 2024
Currently, land plots are still highly valued by experts as they bring high profits and minimize risks, even in a slow-paced and low liquidity market.
