The real estate market in the South is booming at the end of the year.

Many projects are launching new products at the end of the year.

According to CBRE Vietnam, Ho Chi Minh City will have an additional 3,000 primary market apartments offered for sale in the fourth quarter, bringing the total supply this year to 5,000 units. The number is expected to improve further in the following year, reaching 10,000, with a number of large projects planning to resume sales after legal obstacles are removed, projected to be launched in 2024 and open for sale in 2025.

Experts believe that the early effective date of August 1, 2024, for the amended Housing Law, Real Estate Business Law, and Land Law, contributes to completing the legal framework for the real estate market and opens a new cycle for the market towards greater safety and sustainability.

The real estate market in Binh Duong is currently considered to have the most abundant supply in the South. In the fourth quarter, approximately 18 projects, both new and existing, are expected to have sales plans. Similarly, in Dong Nai and Long An , one project is currently underway.

In addition, positive signs in the economy , infrastructure, and remittances are gradually emerging, creating opportunities for a "reversal" in the Southern real estate market after a long period of volatility.

Continuous investment and improvement in transportation infrastructure is the most visible driving force of the real estate market in the South in general, and Ho Chi Minh City in particular.

Continuous investment and improvement in transportation infrastructure is the most visible driving force of the real estate market. (Image rendering: Gamuda Land)

Mr. Vo Huynh Tuan Kiet, Director of Housing at CBRE Vietnam, stated that infrastructure significantly impacts the real estate market. He cited the metro system as an example, highlighting how it has transformed the overall appearance of the eastern part of Ho Chi Minh City. Projects along the metro line have seen substantial price increases, ranging from 50-70%, with some projects experiencing nearly 150% growth.

"The increased investment in infrastructure will give the real estate market a boost and get it back on track. The market landscape in the coming period will develop in a much more sustainable direction," a CBRE expert affirmed.

This is evidenced by the more than 2,000 successful apartment transactions in Q3 2024, nearly double the number from the previous quarter. Low-rise properties recorded 150 successful transactions, achieving an absorption rate of nearly 90% of the inventory offered for sale in the quarter (data from CBRE Vietnam's Q3 2024 report).

According to this unit, the supply of housing in the Ho Chi Minh City market is mainly concentrated in Thu Duc City and District 7. Thu Duc City dominates demand due to its diverse range of options for buyers compared to other areas. This is also the area chosen by many developers for project development, notably Gamuda Land.

The Elysian project adds more than 1300 apartments to the Ho Chi Minh City market.

Gamuda Land, a subsidiary of Gamuda Berhad, is a globally renowned name in large-scale construction, real estate development, and infrastructure, distinguished by its innovative and groundbreaking solutions worldwide .

For nearly three decades, Gamuda Land has created modern urban developments and thriving communities in numerous countries, including Malaysia, Taiwan (China), Singapore, Australia, the United Kingdom, and Vietnam.

Present in Vietnam since 2007, Gamuda Land Vietnam has built many outstanding projects and is constantly expanding its scale.

In Thu Duc City, alongside the Eaton Park project, Gamuda Land officially commenced construction on the Elysian project last week. The project is expected to provide 1,322 apartments to the market, aiming to become a "multi-utility residential complex" harmoniously integrated with nature. The developer aspires to create a healthy and prosperous community in the eastern part of Ho Chi Minh City.

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