Recent developments in the residential real estate market indicate that various segments and regions are gradually becoming active again.
After a period of stagnation caused by limited supply, high interest rates, and legal obstacles, a wave of new projects is now eligible for sales launches. This occurs in the context of historically low deposit interest rates and the rising risk of other investment channels, resulting in a renewed surge in both investor confidence and real estate demand.
Speaking at a recent real estate event, Mr. Nguyen Van Dinh, Vice Chairman of the Vietnam Real Estate Association, stated that since the beginning of the year, there have been about 100 project kickoff events, introductions, and sales launches—with a noticeable increase in transaction activity.
According to real estate exchanges and brokers, Hanoi’s apartment segment is experiencing a frenzy in both price levels and buyer interest, while demand for individual land and houses is also surging. In some places, people have been lining up early at notary offices to secure appointments for transaction procedures. Developer-hosted events such as project launches and sales openings are drawing large crowds eager to learn, register, and place deposits.
Not only in Hanoi, but several newly launched projects in nearby provinces have also attracted large numbers of customers and achieved greater success than initially expected.
The launch and first sales phase of the Palm Manor urban project (Viet Tri City, Phu Tho), developed by GP.Invest, took place on the afternoon of April 6 and drew hundreds of interested buyers. The project has a total investment of 6,500 billion VND and spans 56.4 hectares. It is currently in Phase 1, which covers 28.4 hectares and has an investment of about 4,000 billion VND, including infrastructure, landscaping, green parks, water-regulating lakes, a central square, and 676 low-rise residential units.
In this first phase of sales, Palm Manor introduced 66 villas, townhouses, and shophouses to the market, with prices ranging from 4.8 to 20.5 billion VND (including rough construction and completed exteriors). According to the developer, after just two days, the majority of the units were reserved, with some buyers purchasing multiple properties for both residential and investment purposes.
Many experts believe that the most challenging period for real estate has passed, and the market could start to recover by mid-2024. However, as the recovery phase begins, real estate prices are expected to rise. Given the current trajectory, the market is likely to return to normal operations and enter a safe, healthy, and sustainable growth cycle from the second half of 2024, laying the groundwork for stronger growth starting in early 2025.
