Is the real estate market warming up?

According to data from Batdongsan.com.vn, in July 2024, interest in real estate was 6% higher than the previous month, while the number of listings increased by 7%.

Notably, while the increase was localized in previous months, in July 2024, search volume and listing volume increased almost across the entire market.

Accordingly, apartments saw the strongest increase in searches at 7%, followed by houses, land plots, and villas with increases of 7%, 6%, and 5% respectively.

Meanwhile, the number of listings for detached houses increased most sharply at 9%, followed by project land, villas, and apartments at 8%, 7%, and 6% respectively.

Since the beginning of the second quarter, the real estate market has shown more positive developments compared to the early part of the year. (Photo: ST)

In the Hanoi market, searches for properties for sale in Hanoi increased by approximately 10% compared to June. While still relatively low compared to the peak reached in March 2024, this is the highest increase in recent months. The number of listings also increased by about 6% compared to the previous month.

Notably, both the sales and rental markets recorded growth in searches and listings. Apartments led the trend with a 13% increase, followed by detached houses, land plots, and project land with increases of 7-8%.

In Ho Chi Minh City, similar to Hanoi, the real estate market in July 2024 also recorded an increase in search volume and listings across most property types compared to June.

Specifically, both the number of listings and the level of interest increased by 9% compared to the previous month. However, when considering property types, the Ho Chi Minh City market differs slightly from Hanoi. Specifically, detached houses and land plots saw the strongest increase in searches, while in Hanoi it was apartments.

Meanwhile, according to data from One Housing's Market Research and Customer Insights Center, as of Q2/2024, the average price of apartments across the Hanoi market reached approximately 65 million VND/m2.

Accordingly, apartment prices in the West area are approximately 70 million VND/m2, while the price level in the East area reaches 56 million VND/m2.

The gradual replacement of mid-range projects by high-end and luxury projects has driven the sharpest increase in average apartment prices since 2021.

Despite high prices, data from OneHousing's Market Research and Customer Insights Center shows that primary and secondary transactions continued to increase in the East and West districts of the city in July 2024.

Mr. Tran Minh Tien, Director of OneHousing's Market Research and Customer Insights Center, commented: The high volume of apartment transfers in Hanoi in July was due to the trend of customers wanting to complete transactions before the Ghost Month.

"Besides that, the strong increase in demand also reflects the continued high demand for real estate in Hanoi. With the continuous rise in the price of new apartments, many customers tend to choose resale apartments with more reasonable prices, especially in newly developed urban areas with full amenities in the East and West," Mr. Tien said.

Source: https://www.congluan.vn/thi-truong-bat-dong-san-da-thuc-su-am-dan-post310212.html