High demand for Vietnamese real estate

That is according to Jules Kay, general manager of PropertyGuru Asia Property Awards and Events. At the launch of the ninth PropertyGuru Vietnam Property Awards held in Ho Chi Minh City on April 20, Kay said, "Vietnam is certainly one of the fastest-growing economies in the region, with a flourishing real estate market that still has room for growth."

“We are certain that this year’s entries will reinforce developers’ commitment to quality and prove that Vietnamese real estate is still among Southeast Asia’s best,” Kay added.

The reputation of the developer, construction credentials, space design, and sales policy are the top elements consumers take into account when seeking property, according to a Batdongsan.com.vn Consumer Sentiment Survey from early 2023. Green space, in particular, is a key trend in the desire for homeownership at present and in the future.

The survey also revealed that 68 per cent of survey respondents stated that they planned to buy property in the next year. The more properties they hold, the more inclined they are to acquire more.

The proportion of consumers planning to buy property in the near future is 46 per cent for those who do not own a home, 66 per cent for those who already own a property, and up to 87 per cent for those who own three properties.

Newly developed properties in the price range of $108,000-217,000 are hunted most by many buyers.

Even though the current market is experiencing some challenges, Dinh Minh Tuan, branch director of Batdongsan.com.vn in the south, forecasted that the reversal signal will come approximately in Q4 or early in 2024, depending on certain conditions.

"The recovery of the market is expected to take place faster if the government's policies issued to support the real estate market penetrate more quickly and have a positive impact on market stakeholders," he said.

The PropertyGuru Asia Property Awards series is a prestigious real estate industry awards programme that has been running since 2005. It has since established itself as a well-known competition for many real estate developers. Typical names that have won high titles in previous editions of the Awards include Keppel Land, CapitaLand, Gamuda Land, SonKim Land, and more.

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