Real estate market update – Gradual recovery of supply in tier-I cities
- For the first half of 2024 (1H24), according to CBRE's research department, the recovery trend of the real estate market in tier-I cities (Hanoi, Ho Chi Minh City) continues, however mainly in the apartment segment, and there is a divergence between the two major markets. The Hanoi apartment market shows a clearer recovery, with 12,208 units successfully launched (+185% YoY), contributed by projects of well-known developers (Lumi Hanoi, Sola Park). The Ho Chi Minh City market is relatively quieter, with 1,741 units successfully launched (-31% YoY), contributed by projects such as Privia (KDH) and Eaton Park (Gamuda Land, high-end segment).
- For the second half of 2024, we expect that supply and absorption in tier-I cities will continue to drive the recovery, along with a clearer recovery in the Ho Chi Minh City market and surrounding areas, supported by: 1) more positive buyer sentiment as lending interest rates are expected to remain low and the Government introduces new legal policies to protect buyers and resolve issues for existing real estate projects; 2) Increased supply from developers.
- For the companies on our watchlist, we expect them to focus on launching key projects in the second half of 2024, including: 1/ KDH with the Foresta project (a joint venture with Keppel Land, formed from the Clarita and Emeria projects in Thu Duc City); 2/ NLG with the apartment project at block CC5 – Mizuki Park urban area and low-rise units at Waterpoint urban area; and 3/ HDG with low-rise products in Charm Villas – phase 03.
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