Enterprises are filtered from Vietnam Report's database in the real estate industry, with financial data updated to December 31, 2024, combined with Media Coding method (coding press data on the media), surveying research subjects and stakeholders.

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Source: Vietnam Report
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Source: Vietnam Report

Real estate market 2024 recovers clearly

Vietnam's real estate market in 2024 has witnessed clear signs of recovery. This is a pivotal year, marking the transition from stagnation to a new development cycle thanks to active support policies from the Government and adjustments of macroeconomic factors.

In a more favorable policy context, licensed projects are concentrated in the first quarters of the year, the number of projects eligible to sell future housing as well as completed projects tends to increase. By the end of 2024, the scale of licensed housing will reach 38,345 units, an increase of 53.4% ​​compared to 2023; the total scale eligible to sell future and completed housing will reach 76,272 units, a decrease of 7.3% compared to 2023.

Real estate transactions also recorded positive signals. Transactions of apartments, individual houses and land plots tended to increase after the market bottomed out in the second quarter of 2023. In general, in 2024, the transaction volume of apartments and individual houses remained stable, while the transaction volume of land plots increased by 34.2%, bringing the total transaction volume up by 24.1%.

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Source: Ministry of Construction

Vietnam Report's survey of real estate enterprises also recorded positive signals. The majority of enterprises had growing business results, 39.5% of enterprises had revenue growth of less than 25% and 27.9% of enterprises had revenue growth of over 25%. Notably, 45.2% of enterprises had profits increase of over 25% compared to the previous year.

According to the General Statistics Office, in 2024, the number of businesses returning to real estate business activities increased by 42.2%. The number of businesses entering the market was 41.6% larger than the number of businesses leaving the market.

Real Estate Market 2025: Shaping a New Cycle

By 2025, the Vietnamese real estate market is in an important transitional phase. Positive signals from support policies and stable macroeconomic conditions are creating a foundation for sustainable market development.

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Source: Real estate business survey, Vietnam Report, February 2025

According to analysis by Vietnam Report experts, one of the main driving forces shaping the industry's development is the speed of economic recovery. On the positive side, economic growth often goes hand in hand with increasing per capita income, thereby boosting real housing demand. The expected continued FDI inflows into industrial parks will lead to a demand for housing for workers.

Second, the legal environment has been improved. Removing legal obstacles has been recognized as urgent when all three sets of laws, the Housing Law, the Real Estate Business Law, and the Land Law, were amended and applied early from August 2024, marking a major turning point for the market. The effectiveness of the amended laws is most evident in resolving projects with legal bottlenecks in the short term and bringing about structural changes to the market in the long term.

Third, boosting public investment and improving infrastructure will help many real estate projects benefit. Urbanization and industrialization are inevitable trends, forming around highways and ring roads, leading to demand for residential and industrial real estate. In addition, well-planned public investment projects are the solution for sustainable development of the real estate market.

Real estate prices - a problem that continues to find a solution

The real estate market is generally positive, but there is still a problem of price that needs to be solved. Supply is still lacking and weak compared to actual housing demand. Primary prices are high and show no signs of slowing down, leading to a high secondary apartment price level.

According to the Ministry of Construction, apartment prices in Hanoi will increase by about 40-50% compared to 2023, in Ho Chi Minh City by about 20-30%, while the villa and townhouse segment will have a much lower increase. This is explained by the fact that liquidity is concentrated in product groups that are suitable for the financial conditions of the majority of people.

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Source: Real estate business survey, Vietnam Report, February 2025

According to a survey by Vietnam Report, most businesses believe that the average real estate price in the market will continue to increase in 2025. The housing, luxury apartments, office for lease, industrial real estate, and land segments may increase by less than 10%; the low-cost to mid-range housing and apartment segments may increase by 20-30%; the resort real estate segment will fluctuate little due to being heavily affected and having the slowest recovery rate after the difficult period.

“To solve the problem of real estate prices, in addition to tightening the situation of price inflation and creating virtual fever in the market, increasing supply is still a sustainable solution that needs to be promoted,” said a representative of Vietnam Report.

Thuy Nga