Land and buildings in Ho Chi Minh City in October 2024. Photo by VnExpress/Quynh Tran
Property listing platform Batdongsan has seen a sharp rise in inquiries and listings in October.
The apartment and house segments saw increases of 14% and 12% from September, according to Dinh Minh Tuan, Batdongsan’s southern region director.
Hanoi saw the sharpest rise in demand with inquiries increasing by 16% as against 5-10% in other localities, he said.
These figures indicate that property trading would warm up in the remaining months of the year, with even stronger growth rates expected in the last two months, he said.
In HCMC, around 6,000-7,000 new residential units are expected to be launched this quarter, most of them priced at VND55 million (US$2,180) per square meter or higher, he said.
Nguyen Van Dinh, chairman of the Vietnam Association of Realtors, said developers are expected to launch products this year, and apartments would continue to drive market recovery.
Luu Quang Tien, deputy head of research at property consultancy Dat Xanh Services, said the recovery depends on bank lending interest rates.
If supply rises by 40-50% and loan interest rates are kept at 8-9%, absorption might be as high as 45%, he said.
But if interests rise to 10-12%, only a quarter of new launches might be bought, he added.
