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Vietnam Real Estate Markets, 2024
AREA Press Release No. 67/2024: January 25, 2024

Dr.Sopon Pornchokchai, Ph.D. Dip.FIABCI, MRICS
President, Agency for Real Estate Affairs (AREA)

 

              Current perspectives on the real estate markets and economy in Vietnam in 2024 and 2025 recently viewed by real estate experts in Vietnam.  They were brokers, developers and investors and the like who attended the Vietnam Investment Forum in Hanoi, Vietnam.

 

On January 5, 2024, Dr.Sopon Pornchokchai, President, Agency for Real Estate Affairs (www.area.co.th) as the President of the Thai Appraisal & Estate Agents Foundation was invited by the Vietnam Investment Forum to speak there in Hanoi, Vietnam during January 3-6, 2023  where some 200 Vietnamese participants joining it.  Dr.Sopon conducted this survey from those participants who are experts in real estate, mostly brokers, developers, investors and the like.  The number of respondents was 45 from 150 Vietnamese participants.  This number was enough to reflect some insights. Some interesting findings were as follows:

 

 

Experts in Vietnam viewed that the country’s economy in 2024 as quite moderate (assessed at 6.6 out of 10).  The economy in 2025 was rated better at 7.7.  Therefore, the future economy of Vietnam was at a high hope.  Likewise, real estate markets were assessed to be quite moderate at 6.0 out of 10 in 2024 as well.  It was forecasted to be 7.5 out of 10 in 2025.  Real estate markets in Vietnam may be recovered in 2024.

 

 

 

Industrial properties were among the most popular in Vietnam. It was 26% of the opinion.  As observed many foreign manufacturing developments moved to Vietnam.  Condominiums were at the second in the priority at 17%.  Affordable or social housing sectors were at 11% of the opinion.  Commercial propertiers such as office buildings might not be growing as the first few top sectors.  However, tourism real estate properties are also growing too.

 

 

As expected, Vinhomes is the largest developers in Vietnam (16%) voted by the participants followed by Novaland Group (15%), Sun Group (13%), Nam Long (11%).  Other large developers are Recbook, CN Real Estate, and the like.  Actually, this survey was conducted in Hanoi.  Therefore, many larege developers in Ho Chi Minh City might not be listed here.

 

 

Ho Chi Minh City and Hanoi are two largest cities in Vietnam which continuously attract a lot of developments into these cities.  However, other major developers were Danang, Haiphong, Hue and the like.  Actually many cities on the coast of Vietnam are growing as well.

 

 

Amazingly, Australia is at the top in the priority for Vietnameses at 21%  The second is USA where there are so many oversea Vienameses living there.   Thailand is the third in the priority for Vienameses to consider to buy properties abroad.

 

In sum, Vietnam real estate markets are not in a boom period.  In 2024, the situation is still not growing at a satisfactory state.  However, in 2025, Vietnam economy would be better following by the recovery of real estate markets.