According to a report by the Ministry of Construction and several research organizations, the real estate market in the second half of 2023 has shown more positive changes compared to the first 6 months of the year. The housing supply has gradually improved. Some real estate projects that were temporarily suspended have now resumed.
In the fourth quarter of 2023, the real estate supply has shown an increasing trend. Specifically, compared to the third quarter of the same year, the number of qualified commercial housing projects in the future has increased by 104.26%. The number of completed commercial housing projects in the fourth quarter increased by 119.05%. The number of infrastructure construction projects for land use rights transfer for residential construction completed increased by 188%. The number of new commercial housing projects granted construction permits has also increased…
With the positive signals from the real estate market at the end of 2023, as reported by Dân Trí, a number of new projects have been introduced since the beginning of this year.
In Hanoi, The Wisteria project within the Hinode Royal Park urban area in Hoai Duc district offers about 840 apartments with prices ranging from 37-60 million VND/m2, expected to be handed over in the fourth quarter of 2025.
The GS6 tower in The Miami phase of Vinhomes Smart City in Nam Tu Liem district began sales on January 16. The tower consists of about 576 apartments with prices starting from 59 million VND/m2.
In Ho Chi Minh City, although no new projects have been recorded, most developers are launching the next phases of existing projects.
The Flora Paronama apartment project in Mizuki Park urban area updated its sales program with prices starting from 46 million VND/m2. The Akari phase 2 project is also selling with prices from 45 million VND/m2…
Apart from Hanoi and Ho Chi Minh City, other provinces across the country are also experiencing a shortage of primary supply, with only a few projects in provincial markets launching the next phases such as Phu Dong Sky Garden (Binh Duong), Park Village (Long An)…
The Palam Manor urban area in Viet Tri City, Phu Tho province, recently launched. The project, with a total investment of 6,500 billion VND that the investor has been planning for over a decade, is expected to be completed and handed over by the end of 2024.
In another positive development of the market, many regions have announced a series of residential and urban projects to attract investment.
Supply is expected to be replenished soon this year, according to Nguyen Van Dinh, Chairman of the Vietnam Real Estate Brokers Association. Despite the remaining challenges, the market is expected to gradually stabilize and this year is seen as the beginning of a new development cycle for the coming years.
Furthermore, Dinh Minh Tuan, director of a real estate company, believes that developers will accelerate project legal procedures and progress to collect payments from customers this year. With the new law on Real Estate Business, he emphasized the need to push products to market and sign contracts ahead of time. Therefore, it is expected that new supply on the market will be quickly replenished this year.
Economist and PhD. Dinh Trong Thinh also expressed optimism, stating that from late 2023 to early this year, many regions have been calling for investment in new housing projects, and real estate companies have been more active in project mergers and acquisitions. This allows investors to expect more clear changes in the market this year.
“In 2023, the real estate market underwent a restructuring process, which will continue this year. Investment and capital calls will increase significantly,” Thinh shared.
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