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.

Investments in HCMC’s export processing zones and industrial zones were worth US$1.012 billion last year, the highest in the last 30 years.

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).

Vietnam’s GDP is on a firm recovery track and growth can reach 6% this year, according to lender HSBC.

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.

Vietnam was able to report strong foreign investment attraction results for the whole 2023 on the back of efforts to improve the domestic investment climate.

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.