Positive signals of the Southern real estate market: Catching the "wave"

The market is changing

From the middle of the first quarter of 2024, the real estate market nationwide will welcome a "race" of many investors and brokerage companies to open sales of real estate project products.

In particular, in the Hanoi market, the apartment and land segments on the outskirts of the capital are being sought after by many investors, making the real estate sector in the northern provinces more vibrant and attracting buyers.

A recent survey conducted by the Dat Xanh Services Institute for Economic - Financial - Real Estate Research (Dat Xanh Services) shows that 38% of brokers expect the real estate market to recover in 2024, and about 50% of individual brokers expect the market to recover in the first half of 2025.

Real Estate - Positive signals of the Southern real estate market: Catching the — Many real estate brokers see the market gradually "heating up" again.

Ms. Trinh Thi Kim Lien, Sales Director of Dat Xanh Services, commented: “Through the market movements in the past 3 months, it can be affirmed that the market has had certain changes. Notably, market confidence has improved, along with the number of successful real estate transactions.

Specifically, the demand for real estate in the first quarter of 2024 increased significantly compared to the same period last year. Especially for individual houses and apartments in the inner city areas of large cities.

Notably, projects that are open for bookings also recorded a relatively positive number of registrations. This shows the interest and preparation of buyers in the face of a more positive market situation.

According to experts, although the real estate market faced many difficulties in 2023, there were clear changes in the first quarter of 2024. The overall absorption rate of the whole market in the first quarter of 2024 was around 25 - 30%.

Of which, Hanoi and neighboring provinces (30 - 40%) and Ho Chi Minh City (20 - 25%) are the two areas with the highest absorption rates and mainly focus on the apartment segment.

Mr. Luu Quang Tien, Deputy Director of the Institute of Economic - Financial - Real Estate Research, said: "Currently, the demand for buying houses in the Hanoi market is increasing dramatically, in which state policies and bank interest rates directly affect the psychology of home buyers and investors. When the Hanoi market develops strongly, the southern provinces are also rushing to bring products to the market to catch the "wave", showing a positive signal for the whole market picture".

Expect the positive

Some experts assess that in 2023, the national real estate market will face difficulties, with almost no secondary transactions and stagnant liquidity.

At the beginning of 2024, the real estate market has continuously flourished due to the search demand of customers in the Hanoi market and projects launched in the markets of Ho Chi Minh City; Binh Duong; Long An...

“In the first quarter of 2024, groundbreaking, kick-off, and sales activities took place bustlingly across the country, with diverse scales, segments, and prices. From social housing to apartment projects, high-end residential areas, including many large-scale projects. This shows that the real estate market is going through the bottom, preparing to enter a more exciting phase,” said Mr. Luu Quang Tien, Deputy Director of the Institute for Economic - Financial - Real Estate Research.

According to Mr. Tien, currently not only investors and distribution companies but also investors and people expect the positivity of the real estate market.

“Currently, projects launched in the market in recent times have been more carefully prepared in terms of legality. In addition, construction progress, programs, sales policies, etc. are also carefully prepared. This demonstrates the transparency and real capacity of investors. This is also a prerequisite to determine the success of investor businesses in the new cycle, reflecting improved confidence in the real estate industry and significant expectations for the positive prospects of the market,” Mr. Tien shared.

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