Real estate market gradually recovers, many Southern investors "go North"

The real estate market has recently shown signs of gradual recovery and improvement, notably the "Northward" trend of some Southern investors. Among them, some investors have won the PropertyGuru Vietnam Real Estate Awards 2023.

The Northern real estate market is attracting many Southern investors. (Source: batdongsan.com.vn)

According to a survey by Batdongsan.com.vn , 62% of brokers surveyed said that their clients had “put down money” to buy real estate with good prices or sales policies. The real estate consumer psychology report for the first half of 2024 by Batdongsan.com.vn also reflected that up to 65% of survey participants planned to buy real estate in the next year. Of which, 64% will buy in primary projects.

The market also shows a trend of home buyers getting younger. Of those who want to buy real estate in the next year, 64% are under 40 years old. Notably, about 60% of young people between 22 and 29 years old are confident that they can buy a house in the future.

In addition, expectations of investors are increasing, especially in terms of financial potential and brand reputation, with 24% of consumers rating awards/certifications as important factors when choosing an investor.

In the first quarter of 2024, apartments in Hanoi are one of the most popular types of real estate. Apartment prices in Hanoi have increased sharply from 11% - 19% in the past year, approaching the price of apartments in Ho Chi Minh City.

This price increase is due to limited supply while demand remains very high, not only from Hanoi and the northern provinces but also from the South. The amount of interest in Hanoi apartments from Ho Chi Minh City residents increased 7.5 times compared to the beginning of 2021, according to the first quarter 2024 report of Batdongsan.com.vn .

Explaining this phenomenon, Mr. Bach Duong, General Director of Batdongsan.com.vn commented: “The ‘Northward’ trend of some Southern investors, who have a loyal customer base, has partly attracted interest from the South. The projects of Southern investors also contribute to diversifying and improving the quality of real estate in the Northern market.”

Among these “Northward” developers, some prominent units have won the PropertyGuru Vietnam Real Estate Awards 2023. For example, CapitaLand Development (Vietnam) won the Best Real Estate Developer award and its Lumi Hanoi project was honored as the Best Luxury Apartment Project (Hanoi); or Kusto Home with The Reflection Westlake project won the title of Best Luxury Apartment Project (Hanoi).

Mr. Jules Kay, General Director of PropertyGuru Asia Property Awards, said that the recent positive signs of the real estate market are driven by drivers such as gradually stable capital sources and promising new policies.

Lending rates have fallen at some banks, making it easier for homebuyers and investors to access capital. Changes to the Land Law and Housing Law, such as allowing overseas Vietnamese to transfer real estate and opening up to foreign capital in social housing development, will help expand the real estate capital pool in Vietnam.

“Through the Asia Property Awards, we hope to contribute to promoting positive sentiment among real estate consumers by creating opportunities for developers to affirm their product quality and sustainable development.” – Mr. Jules Kay shared.

Press conference on PropertyGuru Vietnam Property Awards 2024. (Source: PropertyGuru)

In the context of the market gradually recovering and improving, on April 25, the 10th PropertyGuru Vietnam Property Awards officially opened its registration portal. After many rounds of rigorous evaluation, the best investors and projects will be awarded in November 2024.

Following 2023, the PropertyGuru Vietnam Property Awards 2024 is more diverse than every year with the addition of new titles to honor many different types of real estate, in line with market trends. For example, titles for investment real estate products, real estate integrated with nature and sales galleries.

This year’s awards also highlight social responsibility by introducing brand new ESG (Environmental, Social & Corporate Governance)-related titles to honor developers who excel in sustainable design and construction, save energy and create positive impacts on society.

An independent jury, comprising leading experts in the relevant fields, will participate in rigorous evaluation rounds to select the deserving winners of the awards. The entire judging process is controlled by HLB - the world's leading auditing and consulting organization to ensure fairness and transparency.

Source: https://baoquocte.vn/thi-truong-bat-dong-san-dan-hoi-phuc-nhieu-nha-dau-tu-mien-nam-bac-tien-269070.html