Southern real estate market is bustling at the end of the year

Many projects "release" goods at the end of the year

According to CBRE Vietnam, Ho Chi Minh City will have 3,000 more apartments for primary sale in the fourth quarter, bringing the total supply this year to 5,000 units. Next year, the number will improve to 10,000 with a series of large projects planning to resume sales after legal obstacles are removed, expected to be implemented in 2024 and open for sale in 2025.

Experts believe that the trio of the Housing Law, the Real Estate Business Law and the revised Land Law officially taking effect earlier than August 1, 2024 will contribute to perfecting the legal corridor for the real estate market and opening a new cycle for the market in a safer and more sustainable direction.

The real estate market in Binh Duong is considered to be the most abundant market in the South. In the fourth quarter, there are about 18 projects, both new and old, that are expected to be sold. Similarly, in Dong Nai and Long An, one project is under implementation.

In addition, bright colors in terms of economy, infrastructure, remittances, etc. are gradually emerging, creating an opportunity to "reverse" the real estate market in the South after a long period of fluctuations.

Continuous investment and improvement of transport infrastructure is the most obvious driving force of the real estate market in the South in general and Ho Chi Minh City in particular.

Continuous investment and improvement in transport infrastructure is the most obvious driving force of the real estate market. Perspective photo: Gamuda Land

Mr. Vo Huynh Tuan Kiet, Director of Housing CBRE Vietnam, said that infrastructure is a factor that greatly affects the real estate market. Mr. Kiet cited that the metro system has created the overall appearance of the entire eastern area of Ho Chi Minh City. Projects along the metro have had very high price increases, from 50-70%, with some projects increasing by nearly 150%.

“The increased investment in infrastructure will help the real estate market get back on track. The market picture in the coming time will develop in a much more sustainable direction,” CBRE experts affirmed.

This is evidenced by the fact that more than 2,000 apartment transactions were successful in the third quarter of 2024, nearly double that of the previous quarter. Low-rise products recorded 150 successful transactions, achieving an absorption rate of nearly 90% of the product portfolio opened for sale in the quarter (data reported in the third quarter of 2024 by CBRE Vietnam).

According to this unit, the housing supply in the Ho Chi Minh City market is still mainly concentrated in Thu Duc City and District 7. In particular, Thu Duc City dominates demand with a variety of choices for buyers compared to other areas. This is also the area chosen by many investors to develop projects, typically Gamuda Land.

Elysian project adds more than 1,300 apartments to the HCMC market

Gamuda Land, a subsidiary of Gamuda Berhad, is a globally recognized name in large-scale construction, real estate and infrastructure development, renowned for its innovative solutions worldwide.

Over the past three decades, Gamuda Land has created modern urban areas and prosperous communities in many countries such as Malaysia, Taiwan (China), Singapore, Australia, the United Kingdom and Vietnam.

Present in Vietnam since 2007, Gamuda Land Vietnam has built many outstanding projects and works, and continuously expanded its scale.

In Thu Duc City, in addition to the Eaton Park project, last week Gamuda Land officially started the Elysian project. The project is expected to provide 1,322 apartments to the market, with the goal of becoming a "multi-utility residential complex" in harmony with nature. The investor wishes to create a healthy, prosperous community in the eastern area of Ho Chi Minh City.