Developers are racing to sell units.
In the last months of 2023 and the beginning of 2024, the real estate market in the South, such as Ho Chi Minh City and neighboring provinces like Binh Duong and Long An, started to become vibrant again as numerous developers commenced or restarted projects.
According to Nguoi Dua Tin , most projects launched by developers have been meticulously prepared legally. In addition, developers have introduced several sales policies to stimulate the market and attract investment capital at the end of the year.
According to a report by DKRA Group, in October, the entire market in Ho Chi Minh City and neighboring provinces saw 8 apartment projects launched. Of these, 1 was a new project and 7 were in their next phases, providing 960 units.
New supply in October increased by 56% compared to September but recorded a decrease compared to the same period last year.
Notably, the market in Binh Duong province continued to lead in new supply, accounting for more than two-thirds of the total number of apartments launched in the entire market this month with 665 units. These projects were concentrated in Di An City and Thu Dau Mot City, Binh Duong province.
Developers are "racing" to introduce products at the end of the year in order to attract investment.
In Ho Chi Minh City, developers such as Khang Dien Housing Company and Nam Long Group have launched hundreds of apartments for sale. These projects almost all have complete legal documentation and are considered by experts to be rare products in the market in 2023.
In areas surrounding Ho Chi Minh City, such as Binh Duong province, major players like Dat Xanh Group, Phu Dong Group, Gamuda Land, Phat Dat Group, Hung Thinh Group, and Bcons Group are also focusing on stimulating the market, restarting projects, and launching sales, creating a lively "race" at the end of the year in this market.
For example, Phu Dong Group commenced construction of the SkyOne project with a scale of over 800 units, and this investor also took the opportunity to offer many products of the Phu Dong Skygarden project in Di An City, Binh Duong province to customers.
Similarly, corporations like Bcons and Pigroup are also offering apartment products in An Binh ward, Di An city, to customers at the end of the year. It is known that in 2023, the number of apartments offered on the market in Di An city accounted for more than two-thirds of the province's market share.
As part of a plan to stimulate the market and attract buyers during the Lunar New Year season, developers such as Hung Thinh Group have restarted sales for the Lavita Charm project.
Danh Khoi Group Joint Stock Company and Central Joint Stock Company have restarted the Binh Duong Astral City high-end apartment and commercial center project, both located in Thuan An City, Binh Duong Province.
The legal aspects of a project are key to attracting customers .
According to real estate experts, although the real estate market in Ho Chi Minh City and neighboring provinces did not show much improvement in 2023, and even experienced negative growth compared to the same period in previous years.
However, by the end of 2023, many developers had redefined their business strategies and launched quality products that met the actual needs of buyers. In particular, the projects launched were all legally sound, and the prices were almost entirely within the reach of most buyers.
"Towards the end of the year, the real estate market in Ho Chi Minh City and neighboring provinces is undergoing many changes. Factors such as legal obstacles in some projects are gradually being resolved, savings interest rates are continuously decreasing, and domestic gold prices are fluctuating... This has caused investors to start changing their mindset, using their idle funds in real estate instead of hoarding them as before," a specialist shared.
Mr. Nguyen Van Dinh, Chairman of the Vietnam Association of Real Estate Brokers (VARS), assessed: “In the last months of the year, the real estate market in the South is likely to show positive signs of recovery. Especially in the context of the Government accelerating the disbursement of public investment at the end of the year, and in addition, developers selling projects with legal documents and preferential policies will attract a large number of customers.”
Many projects with complete legal preparation, construction on or ahead of schedule, or preferential payment terms are stimulating the real estate market at the end of the year.
According to experts, the launch of several projects by businesses shows positive signs for the real estate market in the South. Buyer sentiment has been somewhat strengthened, placing more confidence in real estate.
Observations show that developers launching projects in this phase are all using payment policies and lowering product prices. This is considered a key factor in attracting investors.
Mr. Ngo Quang Phuc, General Director of Phu Dong Group, commented: "Currently, market liquidity is concentrated in a few developers with good sales performance such as Nam Long, Khang Dien, Phu Dong, Bcons, Le Phong… because these are developers with superior products in terms of legal aspects."
"To attract a significant number of customers throughout the year, especially during the year-end period, these developers must possess the capacity to implement projects. This involves the developer's inherent economic strength, thorough legal compliance, and, importantly, a product that fits the customer's budget. Developers who meet the criteria that customers are interested in naturally sell their products," Mr. Phuc commented.
A project is currently being restarted by the developer, with construction underway and sales activities being launched.
According to Nguoi Dua Tin , despite a rather bleak market outlook, real estate businesses are still racing against time to mobilize financial resources and focus on their development strategies for the following year.
In today's market, the first factor investors consider is the project's legal status. Projects with complete legal documentation, developed by capable and reputable investors, and offering flexible payment policies will have an advantage and attract buyers' attention.
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