(CLO) The impact of Typhoon Yagi in the first half of September affected the search behavior of home buyers and real estate investors.
According to online data from Batdongsan.com.vn, both searches and real estate listings decreased in September 2024. The number of listings decreased slightly compared to August by 6%, while searches decreased sharply by 16%.
This development is believed to be due to the impact of Typhoon Yagi in the first half of September, which affected the search behavior of homebuyers and real estate investors. However, since the end of September, both interest and listings have begun to recover.
Compared to the same period in 2023, the number of searches and postings in the first 9 months of 2024 both increased quite well. In particular, the number of searches increased by 23% and the number of postings increased by 10%.
Illustration photo. (Source: ST)
The real estate market for sale has seen a decline in both searches and listings. Specifically, while in August, single-family homes and townhouses saw the sharpest decline in searches, down 7% and 8%, in September 2024, land plots and apartments saw the sharpest declines, down 22% and 16%, respectively. The decline occurred in all types, except single-family homes, where listings increased slightly by 1%.
The rental real estate market has begun to break the previous consecutive increase and recorded a significant decrease in both rental searches and rental listings compared to August. Specifically, rental searches decreased by 22% and rental listings decreased by 7% compared to the previous month. In particular, the demand for rental houses and rooms decreased the most, up to 34% compared to August, partly due to the impact of Typhoon Yagi and the market passing the peak of the student rental season.
Not only boarding houses and rooms, other types of rentals also saw a sharp decrease in interest: apartments for rent decreased by 19%; private houses and offices for rent decreased by 15%; townhouses for rent decreased by 12%. Warehouses for rent had the smallest decrease of 7%.
In the Hanoi market, there was a sharp decline in both searches and listings compared to August 2024. The decline occurred in all types. In the sales market, land and apartments had the sharpest decline in searches, down 27% and 24% respectively. The number of listings for these two types also decreased by 7% and 8% respectively, a sharp decline since the beginning of the year.
Although the price of townhouses, private houses and villas decreased less, they were still high at 17% and 12% compared to the previous month.
Going deeper into the apartment segment in Hanoi, the level of interest in all segments decreased, in which the affordable segment decreased the most with 25%, the high-end and mid-range segments both decreased by 18%.
The selling prices of apartments in Hanoi are differentiated, accordingly, the mid-range and low-end segments continue to increase slightly by 2-5% (average 46.9 million/m2 and 28.6 million/m2), while the high-end segment decreases slightly by 1% (from 75.2 million/m2 to 74.6 million/m2).
The rental market in Hanoi has passed its peak in August and has begun to decline sharply in both searches and rental listings. In particular, rental houses and rooms for rent have decreased the most, up to 53%; searches for apartments for rent have also decreased by 23%. Rental listings for rental houses have decreased the most, with 37%, followed by street-front houses with 28%.
From the above data and analysis, it can be seen that the real estate market in September 2024 continued to decline in both searches and the number of listings for sale and rent compared to August. The main reason is believed to be the impact of Typhoon Yagi, which affected the search behavior of home buyers and renters.
"In particular, boarding houses and rooms have seen a sharp decline in demand, mainly due to the end of the student peak season. The bright spot is that new supply on the market is expected to be more active from now until the end of the year, helping to improve market liquidity as buyers have more options," Batdongsan.com.vn's report stated.
Source: https://www.congluan.vn/nhu-cau-mua-ban-tim-kiem-bat-dong-san-chung-lai-do-bao-yagi-post318562.html
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