Grade A and B office segments in HCMC saw lower vacancy rates and a number of large lease contracts in the first quarter, real estate consultancy Knight Frank said.

Hung planned to sell his Hanoi apartment last month, but after getting offers at 45% higher than his purchase price, he decided to wait for eve higher prices.

No new apartment project launched in HCMC in the first two months of this year, according to property consultancy DKRA.

The Construction Ministry has retracted a controversial proposal that would have limited individuals to selling or leasing no more than five housing units annually unless they established a company.

Vietnam ranks behind only India as the most sought-after emerging property market in the Asia Pacific, according to a recent survey by property consultancy CBRE.

Townhouse primary market prices in Ho Chi Minh City reached a new high of VND350 million (US$14,500) per square meter last quarter, according to property consultancy Cushman & Wakefield (C&W).

The domestic real estate market is believed to have reached the bottom and expected to roar back to life this year thanks to a slew of measures taken by the Government, ministries, agencies and localities.

Housing prices have not fallen during the current economic downturn, even going up in some segments, unlike during the 2008 recession when prices fell dramatically in some cities.

Fire sales of land plots have decreased in the second half of 2023 and the segment remains the most popular on the property market, real estate consultancy Batdongsan said.

Foreigners should be allowed to buy resort property in Vietnam, not just residential units, in order to draw foreign currency and promote tourism, a Sun Group executive has proposed.

The developer of the US$4.23-billion Ho Tram casino and resort complex in southern Vietnam has sought to postpone its completion to 2027, the 11th time it is delaying it.

Affordable apartments accounted for more than half of the total supply in Hanoi in 2015, but now make up only 5% this year.