Vietnam’s economy is booming, according to statistics for Q3 2023. Gross Domestic Product (GDP) growth for the third quarter of this year increased by 5.3%. The development of the economy is beneficial to all areas of life and entails an increase in demand for property in all segments, from flats and houses to offices and retail facilities.
Interest rates on bank loans, with all adjustments, have fallen significantly, ranging from 6.7% to 10%, which also encourages buyer interest. In a situation where supply is shrinking, there is a high probability of price growth.
According to Pham Thi Domeng, deputy director of market research and promotion at VARS consulting company, the situation in the property market is improving, especially compared to the difficult period at the end of last year and the first months of this year. Buyers’ interest in properties in Hanoi, Hai Phong, Lao Cai, Da Nang, and Ho Chi Minh City is most noticeable.
The volume of transactions across the market is gradually increasing. In Q2 2023, 3,700 transactions were recorded in the market, up by 37% compared to Q1 data. Nearly 6,000 transactions were recorded in Q3, 1.5 times more than in Q2. Overall, for the first nine months of 2023, the number of transactions has only increased by about 50% compared to the same period of the previous year.
