The average housing price in Vietnam is now 23.7 times higher than the annual average income of households, compared to 23.5 in 2023, according to the 2024 HPR Report released by Numbeo, a world database about the cost of living.

The 2024 Land Law is expected to encourage investment in Vietnam and attract overseas remittances (kieu hoi) to Vietnam.

The real estate market showed signs of warming up with social housing projects on sale last week.

The HCM City townhouse and villa market is now at its lowest level since 2019 in terms of supply and number of transactions.

The Ministry of Construction has made public a draft decree guiding the implementation of the Law on Real Estate Business for comments.

The recently released 2024 Asia-Pacific investor intentions survey by CBRE shows that the real estate market of Vietnam ranks second among the top three preferred emerging markets, following India and preceding Thailand, in the region.

The real estate sector in HCMC saw a significant rebound in revenue in the first two months of this year, statistics show.

Ground and raw land plots have been among the searches in Hanoi and HCM City after Tet, indicating a warming up of the market segment.

Experts believe that 2024 is the time to invest in real estate because prices are low amid low demand but will rise 2025 when three new laws take effect.

With the Government and relevant ministries’ support, the real estate market has been better, especially in mergers and acquisitions (M&A) activities.

The revised Land Law, which includes people of Vietnamese origin among land users and increases interests for foreign-invested economic entities, is expected to have positive impacts on the real estate market and the economy at large.

Vietnam is the second most attractive real estate market, just after India, in Asia Pacific, according to CBRE, a property consultancy firm.

Apartments valued at over VND4 billion accounted for 42 percent of apartments sold in 2023, while apartments valued at VND2-4 billion accounted for 55 percent, according to Savills Vietnam.

A total of 2.75 quadrillion VND (41 billion USD) went into the property market in 2023, according to the State Bank of Vietnam (SBV), an increase of 6.75% in comparison to last year.

Only a few large real estate firm reported profits for 2023, while most firms reported losses amid a stagnant property market.

The newly amended Law on Credit Institutions makes it difficult for banks to transfer real estate projects used as collateral for loans to settle debts.

Companies in sectors less affected by the economic crises and those with deep pockets are driving transactions in the HCM City office market, analysts have said.

As many as 2,000 real estate firms suspended their operation in January, or 138 percent of the number in the same period last year.

Many real estate firms left the market, a number of leaders were sentenced to prison, and a major apartment fire occurred, causing a high death toll. These were the main sad stories of 2023.

The National Assembly has approved the revised Land Law, which will come into full effect next year.