Tuesday , July 16 2024

Southern land market sees few transactions in Q2


In the southern property market, the land segment had an absorption rate of less than 10% in the second quarter, according to market researcher DKRA Group.

Data from the company shows that of the 561 new units that entered the market, only 49 were sold.

Real estate trading platform Batdongsan said the demand for land in southern provinces declined significantly last quarter from the first three months of the year.

A recent survey of 1,000 land brokers conducted by the site found that only 21% completed more transactions, down 4 percentage points from the first quarter, while 29% reported the opposite, up 10 points.

They said while recently launched land projects garnered some attention, they too have been slow to sell.

The director of a real estate company in Binh Duong Province’s Ben Cat City said his firm has been selling a project consisting of 100 land plots since the start of the year.

Around 22 were sold in the first quarter, and only 11 in the second, he said.

“We have had quite a few activities to boost demand, including favorable payment policies and discounts along with seminars to explain the potential, but demand just did not pick up.”

Dinh Minh Tuan, southern regional director of Batdongsan, said the land market is cooling down after a brief rise in demand earlier this year.

The jump in land transactions in the first quarter was due to some large developers hoarding properties ahead of the amendments to the Land Law, which is expected to increase land prices once it takes effect in August, he explained.

After the first quarter many landowners also began to hike prices or stopped selling in anticipation of the price rise, resulting in fewer transactions, he added.

Analysts expect demand to recover by mid-2025 and remain high for an extended period since land is one of the more preferred assets in Vietnam.

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