The real estate market in the third quarter recorded a clear adjustment in both prices and purchasing power. According to DXS-FERI, property prices in many areas fell by 5 to 20%, with some new projects being adjusted below the local market level. Nationwide absorption of primary housing decreased by 36% year on year, while demand for land plots and apartments in Ho Chi Minh City and surrounding areas fell 66% compared with the previous quarter. In Hanoi, the absorption rate for new apartments was only around 30%, significantly lower than the 70 to 80% recorded in the same period last year. Against this backdrop, some developers introduced cash flow support policies, including a plan at The Westique Residences allowing buyers to pay 30% of the apartment value until handover and defer the remaining schedule for 30 months.
The supply of social housing continues to expand in several localities. Ho Chi Minh City has an additional project covering nearly 192 hectares in Ba Diem Commune, with preliminary investment capital of more than VND 64 trillion. In Di An, the Thanh Tan project is expected to have a selling price from VND 24 million per square meter and a rental price of nearly VND 158,000 per square meter per month. Bac Ninh is expected to begin construction of Hope Residences in the fourth quarter, providing nearly 2,900 apartments. The province has also approved a detailed plan for a resettlement area of more than 120 hectares serving the Gia Binh Airport project, with a planned population of over 14,700 people. The airport is accelerating infrastructure development, technology and AI applications in preparation for APEC 2027. In Ho Chi Minh City, the Department of Construction has proposed exempting individual houses of fewer than seven floors and with a floor area below 500 square meters from construction permits in areas with approved detailed plans or architectural management regulations.
In other notable developments, Sun Group is expected to start construction of an ecological tourism, entertainment and leisure complex at Nui U Bo and Thac Chuoi Lake in Quang Tri. The project covers more than 167 hectares and has total investment of VND 16 trillion. In Da Nang, Capital Square is being developed as an integrated urban complex along the Han River, combining apartments, retail, entertainment and community facilities. Vietnam currently has more than 16,000 branded residences, ranking third globally according to Global Branded Residences. Meanwhile, demand for rental apartments in Vinh is expected to benefit from economic growth and expanding investment flows, while The Wellness Van Phuc is developing 24 townhouses linked to healthcare connectivity and green space. Hanoi estimates that land-related budget revenue will reach VND 146 trillion this year, the highest level on record, while Kinh Bac Urban Development Corporation posted more than VND 937 billion in third-quarter after-tax profit, its highest since the first quarter of 2023.
The supply of social housing continues to expand in several localities. Ho Chi Minh City has an additional project covering nearly 192 hectares in Ba Diem Commune, with preliminary investment capital of more than VND 64 trillion. In Di An, the Thanh Tan project is expected to have a selling price from VND 24 million per square meter and a rental price of nearly VND 158,000 per square meter per month. Bac Ninh is expected to begin construction of Hope Residences in the fourth quarter, providing nearly 2,900 apartments. The province has also approved a detailed plan for a resettlement area of more than 120 hectares serving the Gia Binh Airport project, with a planned population of over 14,700 people. The airport is accelerating infrastructure development, technology and AI applications in preparation for APEC 2027. In Ho Chi Minh City, the Department of Construction has proposed exempting individual houses of fewer than seven floors and with a floor area below 500 square meters from construction permits in areas with approved detailed plans or architectural management regulations.
In other notable developments, Sun Group is expected to start construction of an ecological tourism, entertainment and leisure complex at Nui U Bo and Thac Chuoi Lake in Quang Tri. The project covers more than 167 hectares and has total investment of VND 16 trillion. In Da Nang, Capital Square is being developed as an integrated urban complex along the Han River, combining apartments, retail, entertainment and community facilities. Vietnam currently has more than 16,000 branded residences, ranking third globally according to Global Branded Residences. Meanwhile, demand for rental apartments in Vinh is expected to benefit from economic growth and expanding investment flows, while The Wellness Van Phuc is developing 24 townhouses linked to healthcare connectivity and green space. Hanoi estimates that land-related budget revenue will reach VND 146 trillion this year, the highest level on record, while Kinh Bac Urban Development Corporation posted more than VND 937 billion in third-quarter after-tax profit, its highest since the first quarter of 2023.