Hanoi (VNA) - The real estate market has witnessedpositive developments, with a slew of projects, including billion-dollarprojects, being announced and called for investment in the first quarter of2024.

This information was revealed at a conference held on April 15 by the VietnamAssociation of Realtors (VARS) to announce a report on Vietnam's real estate market in the first quarter, and the forecast for the secondquarter.

According to Tran Van Binh, Vice Chairman and General Secretary ofVARS, the Vietnamese economy has shown signs of vitality in the last quarter,and likely to maintain a positive growth trajectory. The Government, ministriesand sectors have demonstrated high determination in promoting the real estatemarket, particularly in ensuring the safe and healthy development of the housing segment.

VARS's observations indicated that after a prolonged period ofcautious monitoring of market developments, customers andinvestors are beginning to clearly show their interest in real estate, Binhsaid.

According to VARS's survey, up to 70% of customers and investorsare willing to purchase real estate in 2024 if they find suitable products. Landplots and low-rise properties are the two segments receiving the mostattention.

In the first quarter of 2024, a total of 20,541 products weresupplied, including 4,300 new products. Notably, a series of billion-dollarreal estate projects have simultaneously been commenced, ready to supply abundant sources to the market.

Le Dinh Chung, CEO of SGO Homes, remarked on the supplystructure, saying that 1,250 affordable housing units were offered for sale inthe first quarter, a growth rate of over 70% compared to the fourth quarter of 2023. Notably,100% of the supply source came from social housing projects in many localities.

Furthermore, the absorption rate of projects continued toimprove, reaching nearly 31%, up 5% compared to the fourth quarter of 2023, and19% higher than the same period last year.
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According to Pham Thi Mien, Deputy Head of Market Research and Investment Promotion at VARS, the proportion oftransactions in the affordable apartment segment is trending downward due to abeginning scarcity in the supply. However, the proportion of transactions inthe low-rise segment and land plots has improved compared to the previous period.

Currently, primary selling prices continue to maintain a stabletrend, with an increase of about 2-3% compared to the previous quarter. Newlow-rise projects and land plots are priced quite reasonably.

Nguyen Van Dinh, Vice Chairman of the Vietnam Real EstateAssociation and Chairman of VARS, emphasised that the real estate marketcurrently possesses sufficient elements ready to serve as a springboard for therecovery process./.