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Vietnam Residential Real Estate: Key takeaways from real estate agents’ comments on Q3 2023

Sector Reports

12 Oct 2023

Several real estate agencies (including CBRE, Savills, Batdongsan.com.vn, and DXS-FERI) have recently released their Q3 2023 residential market reports. Below are our key takeaways from agents’ comments on Q3 2023 transaction data, pricing trends and their outlook for recovery in the sector.

The primary condo market saw small improvements in Q3 2023 in terms of new launches and sold units, while the landed property segment remained quiet. Based on our estimates from CBRE data charts, total primary condo transactions in HCMC and Hanoi combined were around 5,800 units in Q3 2023, (+56% QoQ but -44% YoY). However, it is still lower compared to the period from 2019 to 2021, where around 10,000 units were sold per quarter.

Q3 2023 transactions were supported by the launch of Vinhomes Grand Park – Glory Heights in July. Within 34 hours of launching, around 2,000 units of this phase were sold, which is higher than the quarterly average number of primary condo units sold in HCMC in the previous three quarters (around 1,400 units/quarter).

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