2024 passed with the market starting to recover, entering 2025, real estate businesses have more expectations for a strong market recovery with many new product launch plans.
2025 will be the starting year for a new development cycle.
Ms. Luu Thi Thanh Mau, General Director of Phuc Khang Investment and Construction Joint Stock Company
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| Ms. Luu Thi Thanh Mau, General Director of Phuc Khang Corp. |
2024 is a pivotal year of transition between the old and new stages, and then 2025 is considered the beginning of a new development cycle. In particular, the real estate market will continue to recover and maintain growth in major cities. Along with 3 important laws related to land, which will simultaneously take effect from August 1, 2024, it will create a legal corridor, a favorable premise for the next market stage. Therefore, 2025 is considered the first year of a new development cycle.
The real estate market in 2025 is expected to develop more stably and sustainably thanks to supporting factors such as a clear legal corridor and investors who have gained a lot of experience through previous cycles. However, if the market wants to return to the vibrant, "golden" period of 2018 - 2019, it will still need a few more years. In particular, the green real estate market in Vietnam in 2025 is likely to achieve positive progress, but still faces a number of challenges.
The number of green buildings could double compared to the present thanks to the increasing interest from the Government, investors and people. This rate is expected to have 150-200 new green building projects certified with LOTUS, LEED, EDGE or equivalent standards. The growth forecast is mainly concentrated in large cities such as Ho Chi Minh City, Hanoi, Da Nang and satellite urban areas.
Green offices are set to become a fast-growing segment, especially in Ho Chi Minh City and Hanoi, as foreign investors increasingly demand green-certified office buildings to meet their environmental, social and governance (ESG) standards.
Green real estate in Vietnam will enter a period of strong development in 2025, especially in large urban areas and the office segment. However, to reach its full potential, Vietnam needs strong policy reforms, increased communication and financial support for developers. The market will continue to grow but there is still a significant gap to reach the sustainable target by 2050.
In 2025, Phuc Khang will also focus on completing on schedule plans for projects located in potential locations, taking advantage of increasingly complete infrastructure.
A year of change in liquidity
Mr. Vo Hong Thang, Deputy General Director of DKRA Group Joint Stock Company
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| Mr. Vo Hong Thang, Deputy General Director of DKRA Group. |
2025 is expected to be a bright year for the market, especially in the context of the market being on the path of recovery since the end of 2024. These positive signals are driven by factors of policy, supply, infrastructure and investment trends, promising to create a new growth cycle for the market.
One of the bright spots of the market in 2025 is expected to be the removal of bottlenecks in supply, especially projects that meet the legal requirements. Supply is forecast to increase significantly in most segments compared to 2024, but there is still a large gap compared to the period 2019 and earlier.
In the Southern market, the apartment segment is expected to improve compared to 2024. In addition to the improvement in supply, market liquidity will also have positive changes in 2025 when home loan interest rates remain low, investor confidence is gradually improved thanks to the recent market recovery and especially the cash flow is starting to show signs of shifting to the South when investors in the Northern region tend to start looking for investment opportunities in the Southern provinces. In that context, projects implemented by reputable investors, with guaranteed construction progress, clear legal status and synchronous infrastructure and utilities will be the top priority choice of investors in the coming time.
Overall, the apartment market in particular and the real estate market in general in 2025 are expected to mark a positive change and possibly enter a new growth cycle thanks to the support of the following factors:
Firstly, in terms of policy, policies on land management, housing and real estate business have been amended and supplemented, bringing transparency and clarity to legal procedures. These regulations make it easier for investors to carry out legal procedures, thereby promoting project implementation progress. In addition, mechanisms supporting land acquisition, compensation, land valuation and fees have also been adjusted, creating favorable conditions for many new projects to be implemented and previously suspended projects to be continued in 2025 and the following years.
In addition to positive policy information, infrastructure stories also add momentum to the market. The government is aggressively boosting public investment, focusing on strategic infrastructure projects such as Ring Roads 3 and 4, metro systems, and inter-regional expressways connecting key economic centers. These projects not only enhance inter-regional connectivity but also open up opportunities and create momentum for the development of the real estate market in the coming time.
Third, the deposit and lending interest rates remain stable, along with well-controlled inflation. This not only supports real estate businesses in accessing capital but also creates conditions for home buyers to easily access loan packages. Financial stability also helps restore confidence from investors and real buyers, two important groups that create sustainable demand for the market.
Fourth, buyer sentiment has gradually improved. After a period of stagnation, both investors and real buyers have gradually returned to the market. Positive information from policies, infrastructure and finance has contributed to creating confidence, making buyers ready to make decisions. In particular, the segment of townhouses and apartments still retains its appeal thanks to its stability and ability to increase in value in the long term. This is still the priority choice of many investors, especially in the context of the market entering a new stage of recovery and growth.
Ready for a change of mindset
Mr. Tran Duc Vinh, General Director of Tran Anh Group
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| Mr. Tran Duc Vinh, General Director of Tran Anh Group. |
The end of 2014 was a year in which Tran Anh Group did not really achieve its business and development targets. However, this was also considered a fairly stable year for the business because the recovery in growth had begun to take shape.
Faced with this recovery, Tran Anh Group has prepared itself with a new mindset to transform in 2025. That is, it will launch a new project in Duc Hoa district, Long An province in the second quarter. In addition, the enterprise is also accelerating the design and application for legal licenses for two low-cost housing apartment projects for workers in Long An.
For Tran Anh Group, 2025 will be a busy year in implementing business plans that the company has had to put aside for the past 2 years. This return is expected to be a turning point for the company to recover and develop.
In addition, 2025 will be an expected year because the three new laws, the Law on Real Estate Business, the Land Law, and the Housing Law, have officially passed the initiation stage and come into practice. Because in each promulgated law, there is always a delay for the newly promulgated laws and sub-law documents to come into effect and to overcome the shortcomings and stagnation in the law enforcement work of a number of state officials, civil servants, and public employees.
And also from the laws being put into operation, businesses expect that the legal procedures of the project will be quickly applied, creating openness for real estate businesses to soon complete legal procedures, speeding up the licensing process to 12 to 20 months instead of 36 months or more as at present.
2025 will not only have advantages but will still have many difficulties
Mr. Ngo Quang Phuc, General Director of Phu Dong Real Estate Joint Stock Company
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| Mr. Ngo Quang Phuc, General Director of Phu Dong Group. |
2024 is a year of many successes for Phu Dong, and also a year that makes a mark in the real estate market when in the last days of the year, the company handed over the first houses to customers so that customers have a new home to welcome the new year. This is also the year that marks another project that Phu Dong brings to the market at a mid-range price, meeting the real housing needs of customers in the South.
Entering 2025, for Phu Dong Group, it will be a year full of expectations for completely new plans. That is, launching new projects, continuing to complete project handovers to customers and completing construction, topping out an apartment project.
However, in that joy, our business realizes that there will still be many difficulties in the market that real estate businesses will encounter. That is, the competition in sales will be higher, because in 2025, the amount of products for sale of businesses is forecasted to be quite a lot, the competition from here will be a great pressure in the sales of investors.
Another difficulty is that provinces and cities still have difficulty finding land valuation units for businesses to be able to fulfill their financial obligations for land use fees to the state. This will be a barrier for businesses to complete project legal procedures to be able to sell products...
In general, the real estate market in 2025 is still an unpredictable unknown, but I believe that the market will continue to maintain the recovery momentum of 2024. Although it will be difficult to make a significant breakthrough in the first 1 to 2 quarters of the year, it is expected to have clearer improvements from the second half of the year.
In addition, there continues to be differentiation between segments and regions, mainly in the type of residential real estate serving real estate needs with demand always at a high level. In particular, the apartment segment in the Southern region has two major representatives, Ho Chi Minh City and Binh Duong. In the Northern region, it is concentrated in the two cities of Hanoi, Hai Phong and Hung Yen. For the Central market, Da Nang is expected to continue to be the focus of the market, especially projects with good locations, full amenities and reasonable prices.
A challenging year for real estate business finance
Mr. Le Hoang Chau, Chairman of Ho Chi Minh City Real Estate Association (HoREA)
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| Mr. Le Hoang Chau, Chairman of Ho Chi Minh City Real Estate Association. |
2025 will be a financial difficulty for real estate businesses, because from around August to the end of 2025 is the time to focus on the maturity of privately issued corporate bonds after 2 years of extension according to Decree 08/2023/ND-CP, with a total value of up to about 180,000 billion VND, the highest in the 3 years 2023-2025. Therefore, to have financial flow to pay the maturity of this bond, businesses will work hard to develop business, launch products, complete projects to hand over and collect cash flow to restore financial stability for the business.
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