Only 3 percent of apartments had selling prices of below VND2 billion. The limited supply, especially for affordable products, remains the biggest challenge.

Trung Van project, with more than 100 apartments in Nam Tu Liem, was the only social housing project in Hanoi for sale. 

In HCM City, according to Savills, 10,700 apartments were available for sale in 2023, a 10-year low.

However, supply is expected to improve in 2024. Earlier this year, many localities announced commercial and social housing projects eligible for sale.

The Da Nang Construction Department has announced that 300 apartments will be offered in a hotel-apartment complex project on Nhu Nguyen Road in Hai Chau district.

Quang Ninh localities have also announced that 44 houses will be part of a high-end villa complex in Bai Chay Ward in Ha Long City.

As many as 334 apartments in a social housing project in the Ngan Hang Hill urban area in Ha Long City will be eligible to be sold.

Phat Dat Real Estate Development JSC plans to launch 5,000 apartments in Binh Duong. And Nam Long Group plans to market 3,000 real estate products in HCM City, Long An and Can Tho. 

Ecopark said it will sell products at Eco Central Park (Nghe An) and Eco Village Saigon River (Dong Nai). Meanwhile, CapitaLand plans to start a project in Hanoi in March with investment capital of VND18 trillion, with 4,000 apartments in nine tower buildings.

According to the Vietnam Association of Realtors (VARS), apartment supply in 2024 will increase again with new projects in areas outside inner cities.

VARS believes that real estate prices will fall because of increased demand for housing in the outskirts, where land availability is enough to develop large projects, which will help to lower prices.

Tuan Nguyen