Vietnamese people always 'cherish' the desire to own real estate

Data from Batdongsan.com.vn shows that after a sharp decline over the past 9 months, the real estate interest index nationwide increased slightly by 1% in the second quarter of 2023. In Ho Chi Minh City, transaction demand gradually recovered well in the apartment and private house types.

Accordingly, the number of searches for apartments in Binh Tan, Binh Chanh, Tan Phu, District 9 and District 10 increased by 5-9%. The demand for renting apartments in Ho Chi Minh City also increased by 8-17% in District 8, District 9 and Tan Phu. Particularly for the land segment, in some areas such as Hoc Mon, Binh Chanh, District 9, the number of searches recorded an increase of 6-7% compared to the end of 2022.

Vietnamese people always have the desire to own real estate. — The demand for real estate tends to increase compared to the end of 2022, investors have started to return to the market. (Photo: DM)

In the Hanoi market, apartment transactions have generally cooled down, but there has been an improvement in the number of searches in Hoang Mai, Nam Tu Niem, Long Bien, and Ha Dong districts, with an increase of 2-6% compared to the previous quarter.

Land in Hoai Duc and Thanh Tri areas has clearly increased again by 4-6% in both buying demand and selling price.

Some provincial markets such as Bac Ninh, Bac Giang, Quang Ninh, Thai Binh in the North or Long An, Binh Duong in the South are also gradually recovering the demand for real estate after a long period of decline.

According to Batdongsan.com.vn, the world macroeconomic situation is showing signs of stability. Inflation is under control, interest rates and exchange rates are gradually cooling down from mid-2023. Meanwhile, Vietnam's current economic foundation is still very good, the market still has a wave of foreign investors shifting to invest in Vietnam. FDI capital flows from foreign investors still poured into real estate in the first 6 months of the year increased by 0.5%...

Macro signals are still pointing towards recovery and "reversal" for the real estate market at the end of 2023.

According to a survey by Batdongsan.com.vn, 61% of participants said they plan to buy real estate in 2024. Of these, 59% want to buy for investment. Land is the most popular type with 40% choosing, followed by apartments at 28% and private houses at 21%.

"With this result, it can be seen that, although the current market situation has not improved, Vietnamese people still "cherish" the desire to own real estate. Investment capital flows will improve in the period 2024-2026. At this time, the Vietnamese real estate market will have the participation of many large global investment organizations. This is also the time when the market is expected to grow. The recovery cycle may begin in the first half of 2024," the report stated.

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