2025 marks new cycle of housing market: Insider

2025 marks the beginning of a new cycle for the housing market in Ho Chi Minh City, characterised by abundant supply and improved product quality, driven by increasing competition among real estate developers, said Executive Director of CBRE Vietnam Duong Thuy Dung.

Saturday, January 11, 2025 05:17

2025 marks new cycle of housing market: Insider

HCM City (VNA)🍬 – 2025 marks the beginning of a new cycle for the housing market in Ho Chi Minh City, characterised by abundant supply and improved product quality, driven by increasing competition among real estate developers, said Executive Director of CBRE Vietnam Duong Thuy Dung.

The well-developed infrastructure with the commercial operation of Metro Line 1 last month, alongside other criteria such as flexible payment methods, transparent legal process, and the credibility of developers, are considered key drivers of market demand.

Strong increase in supply

According to CBRE Vietnam, the average primary selling price of apartments in HCM City currently stands at 76 million VND (nearly 3,000 USD)/sq.m, up nearly 24% year-over-year. This increase is driven by more than 70% of new supply in 2024 being high-end to luxury projects, and subsequent phases of projects adjusting their prices by 10-40% compared to previous phases. Over 230 apartments were offered for sale in 2024, eight times higher than the previous year. With the high demand for housing, the sales rate of newly launched projects in the year reached nearly 80% of the total.

Meanwhile, the primary sales price of townhouses and villas in the southern metropolis reached 310 million VND/sq.m by the fourth quarter of 2024, increasing by 13% year-on-year but decreasing by 1% compared to the second quarter. According to Dung, most segments of apartments recorded an increase in the secondary sales price in the fourth quarter last year, with the luxury apartment segment with favourable connectivity to the city centre continues to see the most notable year-on-year price appreciation, with an increase of nearly 14% from the previous year. JLL Vietnam reported that in the fourth quarter of 2024, the high-end apartment market recorded 559 successful transactions, with most transactions coming from the eastern area.

Housing market holding promising prospects

CBRE Vietnam noted that, the supply of real estate attached to land in HCM City is expected to improve in the coming years due to the construction of new urban projects in the eastern and southern regions. The city's new supply in 2025 is projected to total around 2,000 apartments, which is eight times higher than in 2024. The municipal People's Committee is working hard on addressing legal obstacles for key projects, with eight projects resolved in 2024 and 22 more being advised for resolution in 2025. Alongside the completion of large-scale infrastructure works expected next year, the market is anticipated to show significant improvement compared to 2024. According to Head of Research and Consulting at JLL Vietnam Trang Le, in the context of the City's real estate market being dominated by high-end housing segment and lacking affordable commercial housing projects that fits the financial capacity of almost of people, the market is expected to see an influx of supply in the lower-price segment in 2025. Dung said that the market is expected to develop more steadily and sustainably as it adjusts to the revised laws, along with the new decrees and implementation guidelines, Dung said.

This creates a clear legal environment that encourages investors to engage in project development, while also opening up opportunities for more people to access and purchase homes more easily, she went on./.

VNA

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