Vietnam property market starts to accelerate: association

By Vu Pham, Minh Hue

Sun, October 22, 2023 | 9:58 am GTM+7

The Vietnamese real estate market began to record more bright spots in the third quarter of 2023, with transactions improving month-on-month and quarter-on-quarter, according to the Vietnam Association of Realtors (VARS).

Although the market does not have enough strength to “overcome the slope”, it has partly escaped the risk of “losing the brakes”, the association said.

The number of transactions across the market has gradually increased. In Q2, the market recorded 3,700 transactions, an increase of 37% from Q1. In Q3, the figure hit nearly 6,000, 1.5 times more than Q2 and over two times higher than Q1.

However, in the nine months, the number of new transactions was only about 50% compared to the same period in 2022 and about 20% of the figure in the period of overheated development due to a lack of social and affordable housing.

The Vietnamese real estate market is showing signs of recovery, with nearly 6,000 transactions recorded in Q3/2023, 1.5 times more than Q2 and over two times higher than Q1. Photo by The Investor/Vu Pham.

A report on the realty market in Ho Chi Minh City and its surrounding areas by Vietnamese property consultancy firm DKRA shows that in Q3, 17 projects were launched for sale, including one new project and 16 others in their next phases, with 4,542 apartments, a decrease of 17% over the same period in 2022. New sales reached 3,270 units, up 13% year-on-year and 2.8 times higher than Q2.

New supply in Q3 was 2.5 times higher than in Q2 but only 83% of the same period last year. Ho Chi Minh City accounted

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