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VARS: 70% of potential homebuyers ready to buy a home

By Truc Dao

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HCMC – There is a growing interest in real estate this year, with roughly 70% of would-be homebuyers expressing their willingness to spend when they find the right opportunity, according to the Vietnam Association of Realtors (VARS).

This finding came to light during a conference on the recent release of Vietnam’s quarterly real estate market report and quarter two forecast, held by VARS on April 15.

The first quarter of 2024 continued to see positive growth, driven by the approval of three crucial laws: the 2024 Land Law, the 2023 Real Estate Business Law, and the 2023 Housing Law.

Land and low-rise properties are in high demand, but with buyers taking a cautious approach.

Over 20,500 real estate products entered the market in the first quarter, including 4,300 new listings. Additionally, several large-scale projects, valued at billions of dollars, are expected to be launched soon.

Meanwhile, 1,250 affordable homes entered the market between January and March, with absorption rates in this quarter improving by five points over the final three months of 2023.

At the event, Pham Thi Hien, deputy head of Market Research and Investment Promotion Consulting at VARS, noted a shift in demand from affordable apartments towards low-rise properties and land plots due to decreasing supply in the former segment.

Primary selling prices remain stable, with a slight increase of 2-3% compared to the previous quarter. Newly-launched low-rise units and land are offered at competitive prices, while upcoming phases of apartment projects are expected to see price hikes of 10-20%, the report said.

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