Housing Supply and Demand Show Significant Increase
According to data from Nha Tot, the supply of residential properties for sale in Hoc Mon District has witnessed a remarkable increase since January 2024, with a six-fold growth. Although the supply growth in Cu Chi District is not as dramatic as in Hoc Mon, it has also increased five-fold since the beginning of January 2024. Compared to the end of 2023, the supply of residential properties for sale in Hoc Mon and Cu Chi Districts has improved significantly.
Specifically, from January 2024 to the present, the demand for residential properties for sale in Cu Chi and Hoc Mon Districts has increased by 151% and 132%, respectively. The period after Tet witnessed a notable surge in demand for residential properties, with increases of 185% in Hoc Mon District and 118% in Cu Chi District compared to the previous month. However, this trend was not stable and declined rapidly in April 2024, with a 64% and 66% decrease in demand for residential properties in Cu Chi and Hoc Mon Districts, respectively.
In terms of average selling prices, according to Nha Tot, there were no significant changes in the selling prices of residential properties in Cu Chi District during the first three months of 2024, hovering around 16 million VND/m2. Meanwhile, prices in Hoc Mon District were slightly higher, ranging from 35-43 million VND/m2.
However, the increase in selling prices for residential properties in Hoc Mon District in April, despite a decline in both supply and demand, suggests that many sellers are holding out for a market recovery by maintaining high prices and waiting for suitable buyers. The main driving force behind this price increase is terrace houses and houses with street frontage.
Strong Surge in Demand for Rental Properties
The same report also indicates a continuous increase in demand for rental properties in Cu Chi and Hoc Mon Districts. The growth in demand from January to April 2024 for these two districts is 335% and 438%, respectively.
A similar trend is observed in the supply of rental properties. Compared to January 2024, the supply of rental properties in Cu Chi and Hoc Mon Districts has increased by 11-fold and 19-fold, respectively.
In terms of pricing, the rental property market in Cu Chi and Hoc Mon Districts has not experienced significant changes. Rental prices in Cu Chi and Hoc Mon Districts have only increased by approximately 7% and 6%, respectively, compared to January 2024.
