According to batdongsan.com.vn, the number of searches for real estate throughout the country began increasing again from the second to the 10th day of the new lunar year, which meant a 124 percent increase compared to the week before Tet.

The number of searches for real estate increased by 66 percent in January 2024 over the same period last year, while the number of advert pieces on real estate sale increased by 52 percent.

Analysts noted that in Hanoi and HCM City, ground and raw land caught the attention even more than apartments. 

In January alone, the number of searches for ground in Hanoi surged by 110 percent, while raw land for real estate project development increased by 77 percent over the same period last year. Meanwhile, the number of searches for apartments in Hanoi surged 71 percent.

Similarly, in HCM City, the number of searches increased by 71-73 percent for ground and raw land, and 59 percent for apartments.

There was no ‘fever’ in the land market segment as seen in early 2022, but the above figures partly reflect people’s demand.

A report on real estate consumer sentiment showed that 65 percent of polled people said they still intend to buy property in one year. Sixty percent of them want to buy properties for investment and ground plots remain the most wanted.

Dinh Minh Tuan, director of batdongsan.com.vn in the south, said investors began to come back to the market in December 2023 when the amended Land Law draft caught attention.

According to Tuan, more than 10 firms specializing in trading ground plots in Dong Nai, Binh Duong and Long An said the number of ground transactions has increased since the beginning of the year. 

The properties transferred are mostly land plots with legal status and selling prices of below VND2 billion, within a radius of 60 kilometers around HCM City’s central area.

In Hanoi, most transactions are the buying and leasing of apartments, and retail premises in the inner city. There is a shortage of supply in the market segments.

Tuan said that most investors want to sell properties in 2024, because the amended laws on the real estate market will take effect in 2025 which may make it more difficult and time consuming to collect money.

Under the new regulations, realtors can collect a deposit that is no higher than 5 percent of the selling price.

Anh Phuong