According to Dr. Nguyen Van Dinh, Vice President of the Vietnam Real Estate Association, the real estate market has not yet returned to its peak as seen in 2018-2019. However, the market has shown signs of a strong revival with increasing prices.
“Our data shows that in the first three quarters of 2024, over 40,000 new products were introduced to the market. This indicates a rapid development of projects, with an absorption rate even higher than that of 2018-2019, averaging over 75%. Some projects have even achieved absorption rates of 90-100% for each sale phase. This is an encouraging sign for the Vietnamese real estate market,” said Mr. Dinh.
Additionally, the market’s heat is spreading rapidly across cities, especially in Hanoi, where real estate prices have been surging across all segments, including apartments, houses, and land plots. However, Mr. Dinh assessed that this price increase is abnormal and sudden.
Mr. Dinh attributed the sharp rise in Hanoi’s real estate prices to the stable economy and the government’s focus on investing in public infrastructure. However, land in the inner city is becoming scarce, and the trend suggests that the capital’s heat will start to spread to other surrounding areas and neighboring provinces such as Ha Nam, Bac Ninh, Bac Giang, and Quang Ninh.
Among these, Phu Tho province stands out as it is currently receiving significant infrastructure investments to enhance inter-regional connectivity and economic development. Moreover, the demand for real estate in Phu Tho is also on the rise, attracting investors from all over. One notable project is Palm Manor in Minh Nong ward, Viet Tri city, developed by GPInvest, which has been gaining market attention.
Recently, GP.Invest organized a ceremony to hand over the first batch of houses and land-use right certificates to customers, including 60 low-rise units within a 7.2-hectare area (phase 1). Up to this point, the developer has completed the procedures for granting land-use right certificates to some residents and is in the process of doing the same for the next 143 lots.
Furthermore, Dr. Dinh mentioned that, as of now, there are still thousands of real estate projects that are stagnant and unable to be implemented. With three crucial laws related to land already in effect, the real estate market will become more stringent, weeding out incompetent investors. Projects that can ensure legal compliance, quality, and full customer benefits are rare and will surely increase in value, presenting great potential for the future.
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