Real estate transactions are mostly second home purchases, looking for a place to 'hide' assets

In the first nine months of this year, there were 58,000 real estate transactions, double the same period last year, but most of the transactions came from people buying a second or more property, looking for a place to 'shelter' their assets.

Real estate is a "shelter" for many people's assets - Photo: B.NGOC

The assessment was made by the Vietnam Association of Realtors (VARS) in its recently released Vietnam real estate market report for the third quarter and nine months of 2025.

The rich look for a place to 'hide' their assets

Mr. Le Dinh Chung, a member of the VARS real estate market research team and general director of SGO Homes, said: "New housing projects launched in the third quarter of this year have higher prices but are still well absorbed, even "sold out" on the first day of sale thanks to increased real estate and investment demand in the context of "cheap" cash flow and inflationary pressure driving the need to find "safe haven" assets.

In the first 9 months of 2025, the absorption rate on newly launched supply reached 68%, equivalent to more than 58,000 successful transactions, double the same period in 2024. With the majority of transactions coming from the demand of buyers of 2nd or more properties.

According to Mr. Chung, the prices of first-time housing products continue to be "anchored", leading to the secondary price level. Secondary transactions have become more active because primary products have high prices and are mainly future products, causing buyers to switch to transfer products.

However, actual transaction volume is still limited because available goods are scarce, most owners have no need to sell, and investors hold goods waiting for prices to increase.

Commenting on the real estate market in the third quarter of this year, Mr. Chung said: "In Hanoi, the primary price level increased sharply, pushing up the whole market price. Many apartment projects recorded an increase of several hundred million to billions of dong in just a short time, especially in urban areas with synchronous infrastructure and utilities.

Meanwhile, in Ho Chi Minh City, the increase in apartment prices continues to spread, concentrated in projects with complete legal documents, around key traffic infrastructure projects and reasonable prices.

The average selling price of luxury apartments in the third quarter in Hanoi reached 78.9 million VND/m2, an increase of 96.2% compared to the first quarter of 2019.

In Ho Chi Minh City, the average selling price remained at VND81.6 million/m2, up 56.9% compared to the first quarter of 2019.

In Da Nang, the average selling price reached 67.4 million VND/m2, an increase of 72.6% compared to the first quarter of 2019.

Despite rising housing prices, many people still look to buy real estate to accumulate and keep assets - Photo: B.NGOC

Apartment prices in the third quarter soared above 80 million VND/m2

Presenting the real estate market report for the third quarter and the first nine months of 2025, Ms. Pham Thi Mien, deputy director of the Vietnam Real Estate Market Research and Evaluation Institute, said that the housing market in the quarter recorded about 34,686 new products, down 5% compared to the previous quarter.

In the first 9 months of 2025, the housing supply will reach more than 100,000 products, an increase of 22% compared to the whole year of 2024.

Of which there are more than 86,000 new products, the rest are inventory that continues to be offered for sale.

By segment, in the third quarter of this year, low-rise housing and land accounted for 32.2%, and apartments accounted for 67.8% of new supply.

However, the imbalance between housing supply and demand has not improved, especially in Hanoi and Ho Chi Minh City, where housing demand is greatest but most newly launched projects are priced above VND100 million/m2.

In the first 9 months, the supply of new apartments reached about 54,000 units, double the same period in 2024.

Regarding the structure of new apartment supply, the number of apartments priced above VND50 million/m2 accounts for 63%, luxury and super luxury apartments account for 33% of the total apartment supply on the market.

In Hanoi and Ho Chi Minh City, about 80% of newly opened apartment supply is priced above VND80 million/m2.

According to VARS, the positive signal for the housing market in the first 9 months of this year is the improved supply of social housing, with the supply increasing rapidly thanks to the participation of large investors. Notably, Vingroup is developing and opening for sale nearly 11,000 social housing units.

In Q4-2025, new supply continues to improve from large-scale projects that are being implemented and planned for sale. Transactions continue to be proportional to the increase in supply, but with higher selectivity, focusing on projects with complete legal documents, quality connecting infrastructure and reputable investors.

Real estate prices will continue to increase as cheap capital continues to be pumped into the economy, boosting investment demand while supply remains limited.

In addition, in the context of scarce land funds and sharply increasing land and material costs, investors will maintain the strategy of developing high-priced segments to ensure profits, especially when this segment is still well absorbed by customers with good financial capacity and long-term asset accumulation expectations.

Real estate prices will only be stable when the Government has appropriate and effective regulatory solutions.

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BAO NGOC

Source: https://tuoitre.vn/giao-dich-bat-dong-san-phan-lon-la-mua-nha-thu-hai-tim-noi-tru-an-tai-san-20251022105417844.htm