Real estate market update – Housing sentiment has improved in Tier-I cities
- We see an improvement in the absoprtion rate, both in the primary market and the secondary market, in the 2H2023, especially in tier-I cities (Hanoi, Ho Chi Minh City). The improvement will be supported by: 1/Reduced lending rates which help to increase home buyers’ sentiment, 2/ Developers’ sales policies to support buyers (allowing 30-40% of total value to be prepaid until handover, partial support of the borrowing rate, offering a grace period of first 02 years for both principal and interest charge,…).
- With the sales results of companies in our coverage list, we also see a recovery in housing demand in tier I cities and surrounding areas. As a result, we believe that in the 1H2024, developers will continue to focus on projects located in tier-I cities, along with maintaining the support policy, as implemented in 2023.
- In its last session of November 2023, the 15th National Assembly passed the Housing Law (Amended) and the Real Estate Business Law (Amended), which will take effect from January 2025. The Housing Law (Amended) provides regulations for the development of social housing projects; it also adds regulations related to commercial houses and apartments to protect the rights of buyers. The Real Estate Business Law (Amended) provides regulations to increase market transparency and protect the interests of home buyers
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