On the afternoon of April 9, DKRA Group announced the Real Estate Market Report for Ho Chi Minh City and surrounding areas (including Binh Duong, Dong Nai, Long An , Ba Ria - Vung Tau, Tay Ninh provinces) in the first quarter of 2024.
According to DKRA, in the land segment, the primary market had 78 projects with more than 6,200 plots launched in the first quarter, an increase of 18% compared to the fourth quarter of 2023. However, it is worth noting that the consumption rate only reached 70 plots, or just over 1% (down 42% compared to the previous quarter).
Mr. Vo Hong Thang, Director of Consulting Services and Project Development of DKRA Group, said that the general market demand for the land segment is still low. Transactions are mainly in Binh Duong and Long An with products priced from 16 - 22 million VND/m2.
Land plots have a rather weak consumption rate in the first quarter of 2024. (Photo: BL)
For the apartment segment, the primary market in Ho Chi Minh City and its surrounding areas had 122 projects, providing nearly 13,000 apartments in the first quarter, up 32% over the same period last year. However, the absorption rate only reached nearly 1,800 units, or about 14%.
According to DKRA, more than 61% of apartment supply comes from Ho Chi Minh City, the most interested product price range ranges from 30 - 55 million VND/m2.
The apartment segment has a consumption rate of about 14%. (Source: DKRA)
For the townhouse/villa segment, Ho Chi Minh City and its surrounding areas have 75 projects with more than 4,300 units, an increase of 11% compared to the fourth quarter of 2023. However, the consumption rate only reached 130 units, or about 3%.
Forecasting the real estate business situation in Ho Chi Minh City and surrounding areas, DKRA commented that in the second quarter of 2024, supply in all segments will increase with liquidity improving. Specifically, for the land segment, Binh Duong, Dong Nai, and Long An will be the localities with the strongest supply and consumption rate.
Meanwhile, in the apartment and townhouse/villa segment, Ho Chi Minh City and Binh Duong will lead these segments in both supply and consumption rate.
Mr. Vo Hong Thang said that in the second quarter of 2024, the real estate market in Ho Chi Minh City and surrounding areas will have many improvements because lending interest rates are low, new laws are passed and gradually come into effect.
In addition, the primary price level is also maintaining a stable trend, payment methods and sales policies are flexible by investors. Real estate developers are constantly changing to suit market realities and investor needs.
"Projects with convenient regional connectivity, complete infrastructure, and guaranteed legal status will attract customers better in the second quarter of 2024," said Mr. Thang.
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