Two years ago, the real estate market fell into a slump, many segments faced difficulty in liquidity, especially land. When the market begins to face difficulties, many real estate investors fear that prices will fall sharply. On the contrary, those who held money at that time were hesitant to buy money because they were afraid of making a mistake.
However, at the present time, it seems that investors’ “fear” has gradually disappeared as the amount of land interest in many areas has increased dramatically in recent times. Specifically, according to data from Batdongsan.com.vn, in March, real estate search demand across the country grew by more than 68% compared to February. In particular, the level of interest in real estate in Ba Ria-Vung Ships in March recorded an increase of 65%, the number of listings for sale increased by 68% compared to February.
The type most searched for by investors in Ba Ria-Vung Tau in the past month was land, with searches increasing by 84%, followed by individual houses with search demand increasing by 64%. Apartments and townhouses recorded increases of 51% and 43%, respectively.
In addition, the demand for real estate in Binh Duong in March 2024 recorded an increase of more than 83%, the number of products for sale increased by 96% compared to February. The segment that recorded the strongest increase in interest was land plots. with a 114% increase in purchases, followed by project land with a 113% increase in purchases compared to the previous month. Private houses and townhouses in Binh Duong ranked next with a 75% increase in search demand, and apartments also recorded a 72% increase in search demand in the past month.
At the same time, in March 2024, Dong Nai’s real estate market is regaining its form after a quiet period. Specifically, the number of customers looking for real estate here increased sharply by 77%, and the number of ads for sale also increased by more than 68% compared to the previous February. Demand for real estate in Dong Nai has grown most positively in land and villa types.
According to data from the Vietnam Real Estate Brokers Association (VARS), in the first quarter there were 6,200 transactions, an increase of 8% compared to the fourth quarter of 2023 and double the same period last year. The absorption rate continues to improve, reaching nearly 31%, an increase of 5% compared to the fourth quarter of 2023 and 19% compared to the same period last year.
According to VARS, in the first quarter of the year, more investors appeared to “hunt” for land, in areas on the outskirts of big cities, localities with strong infrastructure development and high urbanization rates. Therefore, many areas recorded a “sudden” increase in land transactions, especially plots of land that were split.
Although the price has stabilized and shows no signs of price decline, the successful transaction price is 20 – 30% lower than at the peak of the land “fever”. Particularly, the market near Hanoi and attached to industrial parks recorded an increase of 10-20%.
According to VARS, the survey shows that 70% of customers/investors are ready to “spend money” to buy real estate in 2024 if they find a suitable product. Among them, land and low-rise products are the two segments that receive the most attention.
Dr. Nguyen Van Dinh, Chairman of VARS said: “After a long time of carefully observing every move and development of the market, customers/investors have begun to clearly show interest in the market again.” real estate school. However, this concern is done in a more methodical, considered and calculated way. Instead of deciding to deposit money as soon as they approach, customers/investors are willing to spend time and money on legal checks and field surveys thoroughly before deciding. This also partly makes the average time to close a deal for real estate brokers longer.”
According to Dr. Nguyen Van Dinh, more investors have begun the journey of “hunting” for land, in areas on the outskirts of big cities, localities with strong infrastructure development and rapid urbanization. high price with a price that is considered quite “bargain”, with much room for growth in the future. In addition, the need to buy land as an asset is still popular with investors and continues to be the top chosen segment.
Mr. Vo Hong Thang, Director of Consulting Services and Project Development DKRA Group, assessed that land is still a sustainable investment channel. The attractiveness of land to investors will be very difficult to decline. Because Vietnamese investor psychology favors houses attached to land, and land is considered a safe channel of asset accumulation with high profit potential. Along with that, compared to other segments, the legality of land is still more stable and transparent.
The expert said that, according to the unit’s research, based on the extension of the repeating cycle, the first half of 2024 can be seen as the beginning of the next recovery and growth cycle of the market. real estate school. Accordingly, the land fever may return in the period 2025-2026.
