Demand for buying apartments in Ho Chi Minh City increased sharply last month.

According to market research data for March 2024 by Batdongsan.com.vn, in March, the demand for real estate searches in Ho Chi Minh City increased by 66%, the number of listings for sale increased by 82%. In particular, the demand for searches and the number of listings for sale of apartments in Ho Chi Minh City increased by 68% and 76% respectively.

By region, demand for apartments increased sharply in District 9 (up 71%), Binh Chanh (up 71%), Binh Tan (up 69%) and Binh Thanh District (up 63%). Similarly, in other districts, demand for apartments increased by 55-60% in the past month.

Despite the growth in both buying and selling demand, in the overall market, the apartment type in Ho Chi Minh City still has the least number of listings for sale. Because other types have had strong growth in the past month such as private houses (up 114%), land (up 114%) and townhouses (up 93%).

Demand for apartments continues to increase despite liquidity not improving

The reason is due to the shortage of supply of the apartment type. When only more than 1,100 apartments were opened for sale in the first quarter of 2024 and most of the new supply came from projects in the high-end segment. Meanwhile, the demand for housing is still concentrated in the mid-range and affordable segments.

Also for the above reason, most of the transactions in recent times have focused on mid-range projects that have completed legal procedures, rapid construction progress, convenient connections to the city center and prices ranging from 45 - 55 million VND/m2.

The primary selling price of apartments in Ho Chi Minh City in some projects also increased slightly by 2% - 5% compared to the end of 2023. However, investors are still applying many sales policies with many incentives on interest rates, discounts...

It is forecasted that in the second quarter of 2024, the Ho Chi Minh City apartment market will welcome about 2,000 new products, mainly concentrated in the South and East. The high-end apartment segment will continue to hold a dominant position while the mid-range segment will continue to be scarce and there will be almost no new affordable projects. Therefore, many experts believe that the apartment market will warm up but without many breakthroughs.

Meanwhile, the primary price level is forecasted to continue to increase slightly due to input cost pressures. The liquidity of the secondary apartment market as well as selling prices have achieved many positive improvements. The loss-cutting momentum will also gradually disappear when purchasing power improves.

Source: https://www.congluan.vn/nhu-cau-tim-mua-chung-cu-tai-tp-hcm-tang-manh-trong-thang-vua-qua-post291859.html