According to the Vietnam Association of Realtors (VARS), the property market has seen a lot of activity in Q3 2023, with the number of transactions increasing from quarter to quarter.
Professor Dr. Hoang Van Cuong, Vice-Chancellor of the National University of Economics, said the property market has changed this year. The market is slowly but surely recovering. “The economy has not yet recovered, with weak purchasing power. Liquidity in different segments is still limited while supply is low, leading to an unreasonable decrease in selling prices,” he said.
A report on the property market in and around Ho Chi Minh City prepared by Vietnamese consultancy firm DKRA shows that 17 projects comprising 4,542 flats were put up for sale in Q3. There were 3,270 transactions, up by 13% year-on-year and almost three times more than in Q2.
Supply in Q3 2023 was 2.5 times higher, with Ho Chi Minh City accounting for nearly 90% of new supply in the entire market.
According to DKRA, the market is showing signs of improvement, with property developers seeking to stimulate sales and offering cash discounts, extending payment terms, and other measures to attract buyers. In the secondary property market, liquidity has also recovered, recording a slight price increase of 1-3% compared to Q2.