The search volume for real estate nationwide began to rise from the 2nd day of Tet and maintained a strong upw...
The search volume for real estate nationwide began to rise from the 2nd day of Tet and maintained a strong upward trend, reaching a 124% increase compared to the week before Tet by the 10th day of Tet.
Compared to the beginning of 2023, the real estate market at the beginning of this year shows more positive signs in terms of interest and listing volume.
Data from Batdongsan.com.vn shows that the demand for buying real estate nationwide in January 2024 increased by 66% compared to the same period in 2023, and the number of real estate listings also increased by 52%.
After Tet, people's interest in real estate increases more than before Tet. Source: Batdongsan.com.vn
Land and project land are more focused than apartments
In Hanoi and Ho Chi Minh City, data from Batdongsan.com.vn shows that the land and project land segments have a stronger increase in interest than apartments.
Specifically, in January 2024, the search volume for land in Hanoi increased by 110%, project land increased by 77% compared to the same period last year. Meanwhile, the search volume for apartments in Hanoi increased by 71%.
Similarly, in Ho Chi Minh City, the demand increased by 71%-73% for land, project land, and only increased by 59% for apartments.
These data somewhat reflect the desire of many people to own land even though there is no longer a land fever like at the beginning of 2022.
Reports and Consumer Sentiment Index (CSS) of Batdongsan.com.vn for the first half of 2024 also indicate that up to 65% of people surveyed said they still intend to buy real estate in the next year. Among them, the proportion of buying for investment accounts for 60%, and land remains the most popular type of property for future buyers.
According to the CSS report, the psychology of real estate consumers, buyers, and sellers is no longer as cautious as in 2023. The real estate market sentiment index in the first half of 2024 increased by 3 points compared to the second half of 2023.
This index has increased due to the improvement in consumer satisfaction with the potential for real estate price increases, mortgage interest rates, policies, and market conditions.
In the context of the real estate market warming up at the beginning of the year, real estate brokers, trading floors, and investors have early launched business campaigns to not miss the opportunity to reach a large number of potential customers.
Mr. Dinh Minh Tuan, Director of Batdongsan.com.vn in the Southern region, said that since the beginning of December 2023 when the draft Land Law (amended) received much attention and discussion, land investors have started to return to the market.
Consumer sentiment in the real estate market in the first half of 2024.
According to Tuan, in the process of working with more than 10 land businesses in Dong Nai, Binh Duong, Long An, most of them have shared that the number of land transactions at the beginning of this year has increased. Most of them focus on plots with standard legal status, prices below 2 billion VND, within a radius of 60km around Ho Chi Minh City.
In the Hanoi market, with segments meeting real needs such as buying, selling, renting secondary apartments or retail premises in downtown, many real estate brokers have also started working right after the Tet holiday.
However, due to scarce supply while demand still exists, the transaction situation after Tet in these segments has become more active.
Assessing the psychology and trends of real estate businesses, Mr. Dinh Minh Tuan believes that many investors are determined to push goods early in 2024. Because if waiting until 2025 when the amended Real Estate Business Law takes effect, it will be difficult and time-consuming to collect money because at that time, investors are only allowed to collect deposits of no more than 5% of the selling price of houses, construction works formed in the future, after completing all obligations to sell, they will be allowed to collect an additional 25%.
Therefore, this expert predicts that new supply in the real estate market will soon improve in 2024.
Via Dan Viet