Vietnam’s housing provide doubles in 2024, ruled via high-end residences: document

Vietnam’s housing market recorded nearly 81,000 units up for sale in 2024, doubling the 2023 figure amid signs of a slight recovery, according to the Vietnam Association of Realtors (VARS).

The association’s 2024 property market report revealed that 65,376 of these units were newly launched, tripling the 2023 number but equivalent to only 7% of the pre-pandemic supply level of 2018.

In Q4 alone, the market introduced 28,000 new units, double the supply in Q3 and four times that of the same period last year.

In terms of supply structure, the apartment segment dominated the market, making up 70% of the total supply in 2024. However, affordable apartments, which remain in high demand, have become virtually absent, the report noted.

Meanwhile, 65% of newly-launched apartments are classified as high-end, priced at over VND50 million ($1,964) per square meter. Apartment prices in Hanoi, the central city of Danang, and the southern metropolis of Ho Chi Minh City surged by 72.4%, 49.9%, and 34.3% from 2019, respectively.

In 2024, nearly 10,000 apartments were launched at prices exceeding VND80 million ($3,142) per sqm, a threefold increase compared to 2023.

The VARS report also highlighted that 60% of the new housing supply this year came from the northern region, followed by the south (29%) and the central region (11%).

Notably, 62% of the new supply was contributed by major developers and foreign investors. Vingroup’s subsidiary VinhomesVinhomes accounted for 20.5% of the supply, followed by Masterise (9.4%) and Sun Group (5.5%), while other developers collectively contributed 37.4%.