Vietnam's real estate market is 'hot' every month

Many new projects are opened for sale

After a long period of stagnation, the "health" of the market as well as the real estate business community has seriously declined; thanks to the great efforts and determination of the Government , ministries and branches in removing obstacles and promoting the real estate market to develop safely, healthily and sustainably. Since the end of 2023, the real estate market has begun to record signs of recovery. Up to now, the real estate market is still on the path of recovery, in terms of supply, selling prices and transactions.

Accordingly, according to research data from the Vietnam Association of Realtors (VARS), the real estate market in the first quarter of 2024 continued to have positive changes. The market has had new supply sources, as investors have begun to activate the implementation of a series of projects.

Along with the economy , Vietnam's real estate market is still recovering, positively every month. (Photo: ST)

Groundbreaking activities, kick-off events, and "renewal of old goods" are taking place in a bustling manner with increasingly large scale. The recovery wave is spreading more and more widely. The absorption rate reached nearly 31%, with about 6,200 successful transactions, up 8% compared to the previous quarter and double the same period last year.

In addition, newly opened projects, from land products, townhouses, villas, apartments, etc., all recorded good growth in interest, transactions and selling prices in both the primary and secondary markets.

Some markets are considered bright spots in the first quarter of 2024 such as Hai Phong, Hanoi, Hung Yen, Ha Nam, Bac Giang , Hai Duong, Da Nang, Binh Duong, Can Tho.

In the first half of the second quarter of 2024, along with the economy, the Vietnamese real estate market is recovering, becoming more active every month. A series of real estate projects in various segments have been restarted, started, announced, and introduced to the market, all attracting attention with impressive sales results.

The common point of most projects implemented for business is that they all have a thorough investment in quality with "clean" legal documents, along with increasingly diverse incentive policies, suitable for the needs and desires of customers right from the ordering stage.

Most of the projects launched in the first half of the second quarter have attracted attention, with impressive sales. Although the projects launched on the market are mainly in the mid-range and above segments. Because the investment demand in the market is still very large, including the demand for the luxury and high-end segments, not just the segment that meets real housing needs.

This is also the supply source that contributes to the majority of real estate transactions in the first half of the second quarter of 2024, when secondary transactions, especially apartments and residential land products priced under VND 5 billion, slow down with selling prices remaining stable after a period of hot growth.

In addition to promoting investment in projects, cooperation and association models between investors and trading floors, between trading floors, etc. are also promoted to develop and distribute projects to both domestic and international markets.

Brokers need to improve their capacity

Along with the recovery of the real estate industry, the real estate brokerage profession has become "hot", attracting many people to participate and return. Real estate businesses, especially brokerage businesses, have begun the race to attract human resources, with attractive recruitment policies to attract high-quality brokerage forces.

VARS research data shows that from the beginning of 2024 until now, the number of new brokers participating and returning to the real estate market has grown strongly. It is estimated that in the first 5 months of 2024 alone, compared to the most difficult time of the market, about 40% of brokers have returned to the industry.

Having learned the lesson of having to leave in large numbers in the past, real estate brokers who have just joined and returned to the market have also undergone a revolution in thinking, with a cautious mindset, from preparing their own knowledge and professional skills to choosing a trading floor to invest in.

Accordingly, trading floors with diverse and quality sources of goods, training programs, standard and professional corporate culture, etc. are the priority choice of real estate industry personnel. Meanwhile, small-scale real estate brokerage floors with less than 30 employees have difficulty accessing investors' sources of goods, recording personnel risks when many brokers quit their jobs and join large-scale floors to promote sales in the context of market recovery.

Therefore, to attract and retain high-quality brokerage staff, VARS believes that brokerage service businesses need to develop a training and professional development roadmap, especially creating conditions and financial support for brokers to participate in training courses and improve knowledge to take the real estate brokerage certification exam.

In addition, it is necessary to research and develop attractive commission policies and flexible "hot" bonus packages to motivate excellent brokers or those who exceed targets. At the same time, create a professional working environment, a standard corporate culture with a clear promotion path and attractive welfare policies.

Source: https://www.congluan.vn/thi-truong-bat-dong-san-viet-nam-nong-qua-tung-thang-post298470.html