Southern Vietnam’s Real Estate Market: Positive Project Launches and Buyer Confidence
As observed in Q3 2024, Vietnam’s southern real estate market exhibited positive momentum with project launches and accelerated construction progress. Notably, Phu Dong SkyOne, a residential project by Phu Dong Group in Di An, Binh Duong, has completed basement construction and progressed to the main structure. With affordable pricing from VND 1.5-1.8 billion per apartment (accounting for 75% of the total units), it appeals to a wide range of homebuyers.
In July 2024, several projects in Binh Duong also witnessed kick-off activities, including the Green Emerald tower within Bcons City by the Bcons Group, Orchard Hill Sycamore by Capitaland, and Picity Sky Park by Pi Group.
Meanwhile, in Ba Ria-Vung Tau, DIC Holdings organized a partnership signing ceremony for the Vung Tau Centre Point project, and the Lagoona Binh Chau project officially broke ground.
Ho Chi Minh City continues to face a primary supply shortage, with activities mainly focused on projects entering their next sales phase, such as Akari City in Binh Tan District, Lumiere Boulevard, and MT Eastmark City in District 9.
Homebuyer confidence has returned to the market.
While the southern region’s housing supply remains relatively stable compared to the beginning of 2024, developers are actively finalizing legal, land use, and financial aspects to align with the newly enforced Laws.
Nonetheless, a cautious and observant approach persists in the initial phase of the new legal framework. Recent demand has primarily arisen from projects offering reasonable prices, legal compliance, assured construction progress, and reputable developers.
Towards the year-end, positive dynamics are evident from all sides.
Homebuyers Anticipate Rising Real Estate Prices
A noticeable signal in the current market phase is the strengthened confidence among homebuyers, who are now more willing to take out loans or make quicker decisions when they find suitable offerings. This indicates a significant reduction in hesitancy and uncertainty compared to the previous period. Many believe that if they don’t act soon, real estate prices will continue to climb. This expectation is supported by the recent price increases in some apartment projects.
Singles and parents are willing to take out loans to own a home. Source: Consumer Psychology Report Q2 2024 by Batdongsan.com.vn
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