Recent developments in the residential real estate market indicate that many regions and segments are gradually regaining momentum.
After a period of stagnation caused by factors such as limited supply, high interest rates, and legal bottlenecks, a number of projects have now met the conditions to open for sale. This occurs amid record-low deposit interest rates, increased risk in alternative investment channels, and a resurgence in confidence and demand for real estate investment.
Speaking at a recent real estate event, Mr. Nguyen Van Dinh, Vice Chairman of the Vietnam Real Estate Association, shared that since the beginning of the year, there have been around 100 project kickoff events, launch ceremonies, and property sales activities, with transaction volumes visibly increasing.
According to reports from property exchanges and individual brokers, Hanoi’s condominium segment has become hectic in both pricing and buyer interest; demand for private houses and land lots has also risen significantly. In some areas, people have queued up early at notary offices to complete property transactions. Events organized by developers—such as project introductions and sales openings—have attracted large numbers of visitors, many of whom registered and placed deposits.
Not only in Hanoi, but recently launched projects in nearby provinces have also drawn strong customer interest and achieved greater success than initially expected.
One such example is the announcement and Phase 1 sales launch of the Palm Manor urban project (Viet Tri City, Phu Tho) by GP.Invest, which took place on the afternoon of April 6 and attracted hundreds of prospective buyers. The project has a total investment of 6,500 billion VND and spans 56.4 hectares. It is currently undergoing Phase 1, covering 28.4 hectares with an investment of around 4,000 billion VND, and includes: landscape infrastructure, green parks, water regulation lakes, a central square, and 676 low-rise housing units.
In this initial phase, Palm Manor launched 66 units of villas, townhouses, and shophouses priced between 4.8 and 20.5 billion VND (including structural completion and finished exteriors). According to the developer, after just two days of sales, most of the units had already been sold, with some buyers purchasing multiple properties for both residence and investment purposes.
Many experts agree that the most difficult phase for the real estate market has passed, and a recovery is likely by mid-2024. However, as the recovery phase begins, real estate prices are expected to rise. Given the current trends, the market is anticipated to return to stable activity and enter a safe, healthy, and sustainable growth cycle starting from the second half of 2024, setting the stage for stronger development from early 2025 onward.
