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Thursday, July 25, 2024

Real estate market recovers slowly

The Saigon Times

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HCMC – Vietnam’s real estate market was showing signs of recovery in the first half of this year but a major rebound remains elusive due to limited supply and buyer caution.

A survey by batdongsan.com.vn showed that property searches rose in the first two quarters, particularly in Hanoi and HCMC, according to the Vietnam News Agency.

In Hanoi, searches for land and land plots rocketed 118% year-on-year while in HCMC, demand for land rose 45%.

Property prices also increased, especially in Hanoi, where condominium prices jumped 31% and prices of landed houses soared 32% compared to the first half of 2023. In HCMC, only condominium prices edged up by 6%.

Limited supply and rising demand pushed condominium prices in Hanoi closer to those in HCMC.

Industrial real estate saw positive growth. Experts believe this segment has strong potential due to Vietnam’s increased investment in infrastructure development and efforts to attract foreign capital inflows.

Rental prices for industrial properties have been rising steadily this year, with occupancy exceeding 80% nationwide.

The real estate market is expected to benefit from recent policies aimed at easing difficulties and stimulating growth, particularly the amended Land Law, which allows overseas Vietnamese to invest in the market.

However, experts predict that it would take time for these policies to materialize and that a full recovery may not happen until the first quarter of 2026.

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