Homeowners keep getting calls asking to sell their homes.

According to the Vietnam Real Estate Market Report for September by the Vietnam Association of Realtors (VARS), the real estate market in the third quarter in particular and the first 9 months of 2024 has had a positive recovery after a difficult period thanks to the stability of the economy and the Government's support policies.

Ms. Pham Thi Mien, Deputy Director of the Vietnam Real Estate Market Research and Evaluation Institute (VARs IRE), said that in the third quarter of 2024, the residential real estate market recorded 22,412 products offered for sale on the market, of which about 14,750 products were newly launched, down 25% compared to the previous quarter but up 60% compared to the same period in 2023.

In the first 9 months of 2024, the market recorded 38,797 new products for sale. Of which, 70% of the new supply came from the apartment segment, mainly products with prices of over 50 million VND/m2. Notably, the market is almost completely devoid of affordable commercial apartments.

Affordable apartments are absent from the market. Photo: Thuy Linh

According to VARS research data, although the supply is mainly in the high-end and luxury segments, the whole market still recorded about 10,400 successful transactions in the third quarter, equivalent to an absorption rate of 51%.

In the first 9 months of 2024, the market recorded 30,589 successful transactions, 2.5 times higher than the same period in 2023. Many new projects launched at the end of September, starting to receive bookings, also recorded a large amount of interest and "huge" deposits.

Regarding selling prices, housing prices continue to be "anchored" at a high level, in both the primary and secondary markets, especially in the apartment segment. Because the imbalance between supply and demand is becoming increasingly serious because although supply has improved, it is still very difficult to meet demand.

In addition, most new supply continues to be completed to a high standard with investment costs, especially land-related costs, increasing.

Research on apartment price index, reflecting the average selling price fluctuation of projects in the sample set of 150 projects selected by VARS, as of the third quarter of 2024, the average selling price of the sample project cluster in Hanoi city is close to 60 million VND/m2, an increase of 64% compared to the second quarter of 2019.

The average selling price of project clusters in Ho Chi Minh City increased from VND49.2 million/m2 to VND64.2 million/m2, an increase of 30.6%.

Demand for real estate, including housing and investment, continues to shift to suburban areas, provinces/cities surrounding the two special urban areas and the secondary market with many options at more reasonable prices. Apartments and houses under 3 billion VND are being "hunted" strongly in Hanoi and Ho Chi Minh City.

According to Ms. Mien, due to the high demand, thousands of apartment owners regularly receive calls asking to sell their houses.

Along with the apartment type, some newly launched low-rise projects of major investors also recorded a "record" number of bookings despite the increasing prices. Many apartments have good locations, not only high prices, but to buy them, customers/investors also have to accept paying the difference.

Source: https://nld.com.vn/con-sot-can-ho-duoi-3-ti-chu-nha-lien-tuc-nhan-cuoc-goi-hoi-ban-nha-196241014091847928.htm