Real estate transactions in the South have slowed down.

Contrary to the usual trend of more active real estate transactions at the beginning of the year, the volume of transactions is currently very slow.

Contrary to the usual trend of more active real estate transactions at the beginning of the year, the volume of transactions is currently very slow.

In the early days of the new year, very few real estate transactions were successful in the southern region.

The market is quiet with little trading activity.

In November 2024, a new land plot project called Alana City appeared in Phu Giao district, Binh Duong province. The project offered over 2,000 land plots, priced at 12-20 million VND/m2. However, according to Mr. Nguyen Van Tung, director of a real estate agency selling the project, the number of transactions was very low. “In the initial sales period, we sold about 5 plots per week, but in January 2025, there were no successful transactions,” Mr. Tung stated.

Le Phong Group's apartment project on National Highway 13, Thuan An City, was launched for sale in October 2024, but to date, only about 30 units have been sold out of a total of more than 700 units.

Also in Binh Duong, the Cat Tuong J-Home project is considered a rare townhouse project in Thuan An City, with prices exceeding 3 billion VND per unit. However, according to reports from sales agents at this project, approximately 40% of the units were sold in the first three months of sales, but transactions gradually decreased afterward, and recently there have been no successful transactions.

The worrying aspect is the widening supply-demand imbalance, where new projects are being launched rapidly, but customer demand for real estate is slowing down.

In Long An province , approximately 5 new real estate projects were launched in the third quarter of 2024, including an apartment project with the lowest price on the market currently – 27 million VND/m2. However, real estate agents selling these projects report that transactions have slowed down since November 2024. Many projects have seen no successful transactions.

For example, at the Destino Centro Apartment Project, Mr. Nguyen Thanh Y, Sales Director of the project's sales office, stated that since December 2024, there have been no successful transactions at this project. Furthermore, there has been very little customer interest.

Villa and townhouse projects are also experiencing a slump. Thang Loi Group stated that in November 2024, the company launched a townhouse project in Tan Tru district, but had to halt sales due to a lack of transactions.

In Ho Chi Minh City, the market has also started to slow down. Although the King Crown Infinity project in Thu Duc City is still under construction, real estate agencies report that transactions have stalled since November 2024, and recently there have been no successful transactions.

Mr. Nguyen Van Tung, General Director of DKRS, said that the market is quite slow. Many projects were highly anticipated before launch due to low prices, favorable locations, rapid construction progress, and complete legal documentation, but the number of successful transactions was very low. In fact, many projects had to stop sales after only a few months because transactions were too slow, failing to cover sales costs.

The market is recovering in one direction.

According to a market report from DKRA Group's real estate market research department, the Southern real estate market in 2024 saw a significant recovery in the number of new products launched, as well as a recovery in markets such as Ho Chi Minh City, Binh Duong, and Long An compared to 2023. Specifically, the land plot segment had 7,814 products launched, a 1% increase compared to 2023; the apartment segment had 23,459 units launched, a 6% increase compared to 2023; and townhouses and villas had 6,765 units launched, a 24% increase.

Mr. Vo Thanh Dat, General Director of Tran Anh Land Real Estate Joint Stock Company, said that the real estate market is recovering in one direction. Newly launched products are recovering well, but the buying side has not yet recovered.

"This recovery phase discrepancy can be seen in projects with many new launches but low transaction success rates. There are projects we've been involved in selling, but the entire year saw fewer than 10 transactions, whereas in previous years, projects typically achieved over 70% transaction success within six months of launch," Mr. Dat said.

According to Mr. Le Hoang Chau, Chairman of the Ho Chi Minh City Real Estate Association, the market is developing unevenly. Mid-range properties are mainly concentrated in Binh Duong; townhouses and villas are concentrated in Long An, while Ho Chi Minh City is dominated by high-end products.

The worrying aspect is the widening supply-demand imbalance, where new projects are being launched rapidly, but customer demand for real estate is slowing down. This is because real estate prices are exceeding people's ability to buy homes, while secondary investors have yet to return to the real estate market, and bank interest rates remain high…

"Market demand is unlikely to recover in the short term and will need more time to return to the vibrant pace of the period before 2019," Mr. Chau said.

Source: https://baodautu.vn/batdongsan/giao-dich-dia-oc-phia-nam-cham-lai-d242304.html