The real estate market continued to show mixed developments in the third quarter. In Ho Chi Minh City, primary supply from two large urban developments in the western and southern areas, where prices were lower, pushed landed housing prices down by nearly 33% year on year, according to Savills. In the retail sector, absorption fell 26% during the quarter as sports, lifestyle and entertainment chains reduced their premises, according to Knight Frank. DXS-FERI also recorded real estate price declines of 5-20% in several areas, as some new projects adjusted prices below the prevailing local levels. Amid large supply, the Vietnam Association of Realtors recommended that developers adjust their product structure and limit high-end housing development to avoid the risk of oversupply.
Despite the overall slowdown, several segments and localities showed positive signals. Lam Dong recorded 7,103 land transactions in the third quarter, up 13% from the same period last year. Condotel absorption also increased more than fivefold from the second quarter, although the resort real estate market continues to face difficulties. In Can Tho, Thien Quan Group is expected to break ground on the 39-unit Thien Quan Apartment project in central Ninh Kieu on October 19. Hodeco received permission from Ho Chi Minh City to convert more than 4,097 square meters of agricultural land into urban residential and transport land for the Hai Dang The Light City housing project. The city also proposed expanding the types of individual houses exempt from construction permits, covering buildings under seven floors and with total floor area below 500 square meters in areas with approved detailed plans or architectural management regulations. A social housing project in Long Truong Ward is expected to receive purchase and rental applications from November 12 to December 14, with a selling price of nearly VND24.5 million per square meter.
Among new projects and development trends, FPT has started construction of an office building for 6,000 technology employees in western Hanoi, with investment capital of VND1.3 trillion. Sun Group is expected to begin construction at the end of this month on the U Bo Mountain and Thac Chuoi Lake eco-tourism, entertainment and leisure complex in Quang Tri, covering more than 167 hectares with expected investment of VND16 trillion. Branded residences remain a notable segment, with Vietnam having more than 16,000 completed and ongoing units, ranking third globally according to Global Branded Residences. At the same time, design trends emphasizing local identity, wellness and connections with nature are reflected in Sun Glory Residence in Vinh, The Wellness Van Phuc, renovated homes combining old and new architecture, villas linking three gardens with large glass doors, and living spaces incorporating personal interests such as displaying classic cars in the living room.
Despite the overall slowdown, several segments and localities showed positive signals. Lam Dong recorded 7,103 land transactions in the third quarter, up 13% from the same period last year. Condotel absorption also increased more than fivefold from the second quarter, although the resort real estate market continues to face difficulties. In Can Tho, Thien Quan Group is expected to break ground on the 39-unit Thien Quan Apartment project in central Ninh Kieu on October 19. Hodeco received permission from Ho Chi Minh City to convert more than 4,097 square meters of agricultural land into urban residential and transport land for the Hai Dang The Light City housing project. The city also proposed expanding the types of individual houses exempt from construction permits, covering buildings under seven floors and with total floor area below 500 square meters in areas with approved detailed plans or architectural management regulations. A social housing project in Long Truong Ward is expected to receive purchase and rental applications from November 12 to December 14, with a selling price of nearly VND24.5 million per square meter.
Among new projects and development trends, FPT has started construction of an office building for 6,000 technology employees in western Hanoi, with investment capital of VND1.3 trillion. Sun Group is expected to begin construction at the end of this month on the U Bo Mountain and Thac Chuoi Lake eco-tourism, entertainment and leisure complex in Quang Tri, covering more than 167 hectares with expected investment of VND16 trillion. Branded residences remain a notable segment, with Vietnam having more than 16,000 completed and ongoing units, ranking third globally according to Global Branded Residences. At the same time, design trends emphasizing local identity, wellness and connections with nature are reflected in Sun Glory Residence in Vinh, The Wellness Van Phuc, renovated homes combining old and new architecture, villas linking three gardens with large glass doors, and living spaces incorporating personal interests such as displaying classic cars in the living room.