The real estate market will welcome many new launches in the second quarter of 2017 and sales volumes will be higher than the last quarter, according to the Vietnam National Real Estate Association (VNREA).

The forecast was announced during a regular press briefing held by the VNREA to update the quarterly market data and outlook in Hanoi on April 21.

Speaking at the press briefing, VNREA Vice President Nguyen Manh Ha said the housing market in Vietnam barely budged in the first few months of 2017 due to the traditional New Year holiday (when people were more likely to enjoy some time off rather than search for a new home).

A quarterly growth of 29 percent in international tourist arrivals to Vietnam in the first three months of this year coupled with 334 million USD in FDI poured into the country’s housing projects, a quarterly jump of 91.5 percent, had a positive impact on the market, he added.

Meanwhile, the Vietnam Association of Realtors (VARS) recorded approximately 18,340 transactions of land plots, residential and resort properties during the first quarter of 2017, a decrease from the previous quarter as well as the same period of 2016.

Mid- and high-end residential apartments dominated the market in Hanoi and Ho Chi Minh City while central Da Nang city saw a boom in sales of land plots with over 1,000 successful transactions.

More than 3,620 apartments, equivalent to 312,300 sq.m, were sold in Hanoi while the number tripled in Ho Chi Minh City with 9,808 units, or 742,700 sq.m. 

VARS Vice President Nguyen Van Dinh said there were few new launches of low-cost housing and villas projects last quarter, leading to the stagnancy in these segments.

A large number of mid-end apartments were rolled out in the west of Hanoi during March, notably Hanoi Paragon, La Casa Villa, Garden Hill My Dinh, Anland Complex, Xuan Mai Complex, Golden Field My Dinh, Pandora, and Park Riverside while the south of Hanoi saw the launches of Eco Green Tower, Eco-Lake View, Sunshine Palace, Gelexia Riverside, Smile Building and the Golden Star.

New projects in Ho Chi Minh City include The Art, Citisoho, LuxGarden, Celadon City, Green Town Binh Tan, Sun Square, Conic Skyway Residence, and The Golden Star.

VNA