Reversal signals are becoming clearer

The latest market data from Batdongsan.com.vn provides some noteworthy information. Accordingly, after a period of fluctuations, the real estate market is entering a new cycle when many segments are growing by double digits.

Compared to the same period in 2023, the level of interest in land and residential land in the third quarter of 2024 increased by 49%, private houses increased by 25%, apartments increased by 24% and villas increased by 22%. Also according to Batdongsan.com.vn, from the third quarter to the end of 2024, the reversal signals are increasingly clear with positive developments in many segments. This is an important foundation for the market to take off in 2025.

The Vietnam Real Estate Brokers Association's Q3/2024 market report also acknowledged that a new market cycle is opening up. Compared to the same period last year, the total number of successful transactions in the market in the third quarter was 10,400, 80% higher; the absorption rate of the whole market was 51%, an increase of 28%. In the first 9 months of 2024, the market recorded 30,589 successful transactions, 2.5 times higher than the same period in 2023.

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The National Exhibition and Fair Center opens up investment potential in the Northeast region of Hanoi. Perspective photo

The rise and acceleration of real estate is inevitable from positive growth indicators of the macro and micro economy. More deeply, the fact that the heat is increasing shows that the confidence of real buyers and investors has returned to the market.

The return of confidence stems from the solid foundation of the 2023 Real Estate Business Law, the 2023 Housing Law and the 2024 Land Law, which officially took effect from August 1, 2024, with new regulations amended and supplemented in line with socio-economic realities, removing bottlenecks in the legal and policy corridors, unblocking product structures, and creating expectations for a transparent and sustainable market. Purchasing power has thus been increasingly improved.

Northeast Hanoi - new destination for investors

The new market context has named new destinations on the real estate investment map. In Hanoi, the northeast of the capital with the focus on Dong Anh is the brightest candidate for sustainable growth investment.

The strong appeal of the Northeast region to smart investors is not difficult to understand because this is a "billion dollar" land, with key projects of national symbolic significance.

At the end of August, the National Exhibition and Fair Center with a total area of ​​up to 90 hectares, ranked in the top 10 largest exhibition centers in the world, was started. The new symbolic project of the Capital is being accelerated to be completed in July 2025, towards the 80th anniversary of Vietnam's National Day. At the same time, the Tu Lien Bridge connecting Tay Ho district with Dong Anh has recently been approved by the Prime Minister and directed to accelerate investment progress, promising to create a great momentum for the entire region.

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The Northeast region is a potential destination for the Hanoi real estate market. Photo: Dai Doan Ket

In addition to the above key projects, the urban appearance of the northeastern region has also been shaped with a series of key traffic projects, affirming the role of an important traffic hub connecting the capital with the northern provinces, meeting the continuous growth of new growth poles such as Thang Long - Noi Bai Expressway (Vo Van Kiet Street), Nhat Tan - Noi Bai Expressway (Vo Nguyen Giap Street), National Highway 5 extension including Truong Sa Street and Hoang Sa Street, National Highway 3, new National Highway 3 (Hanoi - Thai Nguyen Expressway), Thang Long Bridge, Nhat Tan Bridge, Dong Tru Bridge...

The spectacular changes in traffic and social infrastructure have been creating a runway for the real estate market in the northeast to flourish. Real estate giants have flocked here with large-scale projects of global urban stature. The epicenter of the northeast hot spot in particular and Hanoi real estate in general is the Vinhomes Global Gate mega-urban project with a scale of 385 hectares with a variety of products from low-rise, apartments to mixed-use office-commercial buildings.

Vinhomes Global Gate urban area project brings together the three leading real estate giants of the Vietnamese real estate market: Vingroup, Masterise and MIK Group. The supply from this urban area promises to lead the market in the last months of 2024 and the following years. The convergence of three big names in a large project promises to create a symbolic destination, a classy residence and turn the urban area into a typical image, a symbol of an entire land.

Ngoc Minh