Overview of the 2024 Real Estate Market: New Trends in the US

Overview of the 2024 Real Estate Market: New Trends in the US Vietnam's Real Estate Market 2024 Wrap-Up: Recovery, Transparency, and Outlook for 2025

As 2024 draws to a close, Vietnam's real estate market has shown clear signs of recovery and positive transformation. Most property segments have rebounded, with condominiums experiencing the strongest growth across the North, Central, and South regions. Interest in this segment surged mid-year and maintained momentum through the end of 2024.

Transaction volumes remained high, and primary market apartment prices in Hanoi and Ho Chi Minh City consistently stayed at elevated levels—ranging from VND 80 million to VND 270 million per square meter.

In Hanoi, some newly launched projects offered units at VND 80–90 million/m², while others in high-demand areas like Tay Ho district reached up to VND 165–270 million/m². In Ho Chi Minh City, prices followed a similar trend, averaging VND 90–130 million/m². According to the latest report from the Vietnam Association of Realtors (VARS), prices in outer districts of both cities remained relatively stable, increasing by 5–10% year-on-year, largely due to infrastructure improvements.
Overview of the 2024 Real Estate Market: New Trends in the US

Hanoi has emerged as a key growth driver in the North, contributing a supply of approximately 25,000–30,000 units, while Ho Chi Minh City added around 8,000 units to the market.

New Laws Boost Transparency and Market Stability

Three new laws—the Land Law, Real Estate Business Law, and Housing Law—came into effect nearly five months ago, initiating vital reforms aimed at enhancing transparency, safety, and sustainability in the market. These laws introduce stricter regulations and detailed guidelines, addressing longstanding challenges and bottlenecks in the industry.

As a result, the market regained momentum in Q3 and Q4, driven in part by growing public demand for transparent property information.

Homebuyers Seek Data Clarity as Prices Rise

Ms. Ho Thu Thuy, a resident of Nam Tu Liem district in Hanoi, shared:

“I'm currently looking to buy an apartment. Prices have been increasing significantly over the past year. I now rely on real estate platforms that show price histories for various projects. It saves me from having to contact multiple agents.”

A consumer survey conducted in major cities found that:

• 72% of respondents research and select properties online.

• 60% discuss prices via online platforms.

Although current online systems only offer a partial view of real estate data, the demand for transparent, easily accessible information—particularly for end-users—has become essential.

Stronger Consumer Protection Measures

Mr. Nguyễn Quốc Anh, Deputy CEO of Batdongsan.com.vn, commented:

“New policies are shifting in favor of the consumer. Developers now face clear capital requirements and are subject to defined rules around project launches, deposits, and payment timelines. If a project isn’t implemented within a set timeframe, it may be revoked.”

Mr. Nguyễn Hồng Điệp, Head of the Central Citizens Reception Committee, added:

“We already have land management data, but it lacks a national, unified platform. In the future, the government plans to establish a National Land Information Database. When fully implemented, every citizen will have access to transparent updates—even down to changes on individual land plots—allowing for fair and informed decisions.”

The Need for a National Land Information System
Overview of the 2024 Real Estate Market: New Trends in the US

Experts agree that a comprehensive national land database is critical. It should include:

• Urban planning information

• Legal status

• Technical specifications

• Historical transaction data

This system will not only reflect true market values, instead of relying on outdated price brackets, but also serve as a tool to assess market demand in 2025 and beyond.

2025 Market Forecast: Legal Framework and Recovery

A standout highlight for 2025 will be the completion of the legal framework, especially surrounding the three major real estate laws. This will provide a clear, unified, and practical legal foundation for market operations.

Experts predict that real demand in early 2025 will focus on mid-range apartment projects. Simultaneously, a resurgence of long-term investors is expected in selected low-rise housing products.

Mr. Nguyễn Quốc Anh noted:

“These new laws will take time to be absorbed by the market. It could take two quarters. Moreover, accompanying decrees are needed, and we also face delays in implementing new pricing frameworks.”

Mr. Nguyễn Đức Kiên, former Head of the Prime Minister’s Economic Advisory Group, observed:

“Vietnam’s real estate market is transitioning from developing projects based solely on high investor returns to producing projects that align more closely with societal and economic needs.”

By late 2025, the market recovery is expected to strengthen, with clear segmentation between property types and geographic areas. Affordable housing supply may improve thanks to new incentives and support policies. Transparency—now legally mandated—will be a key factor driving growth.

Legal Reforms Will Reshape the Developer Landscape

Mr. Nguyễn Văn Sơn, representative of Ecopark’s founding team, commented:

“The new legal documents will promote a healthier, more sustainable industry. Developers who fail to prioritize consumer trust will be forced to exit, giving way to those who plan effectively and deliver according to market demand.”

Experts emphasize that with the new regulatory guidelines fully implemented in 2025, market pricing will better reflect true value. The more transparent the information, the stronger and more stable each segment of the real estate market will become.
Overview of the 2024 Real Estate Market: New Trends in the USv

Government Plans for 2025: Market Balance and Housing Supply

The Ministry of Construction has announced plans for 2025 to:

• Propose measures to resolve ongoing market issues

• Rebalance supply and demand across segments

• Increase housing supply, especially social housing and units for middle- and low-income earners

• Strengthen forecasting and early-warning systems to respond to market fluctuations