Vietnam property in 2023 is expected to continue its growth trend from the previous years, despite challenges posed by the COVID-19 pandemic. The demand for housing and commercial properties remains high, driven by urbanization, rising incomes, and a growing middle class.
According to data from the Vietnam Real Estate Association, in 2022, the market saw a total of 321,332 transactions, an increase of 17.8% compared to the previous year. This trend is expected to continue in 2023, with the total number of transactions projected to reach 375,000.
In terms of prices, the market is expected to see a slight increase in the coming year. Data from Savills Vietnam shows that in the fourth quarter of 2022, the average price of residential properties in Ho Chi Minh City and Hanoi increased by 1.7% and 2.2%, respectively, compared to the previous quarter. This is attributed to the strong demand for housing in these two major cities.
Another trend in Vietnam Property in 2023 is the rise of green and sustainable buildings. As the government promotes sustainable development and green growth, developers are increasingly incorporating eco-friendly features in their projects. In 2022, Vietnam had 16 certified green buildings, and this number is expected to grow in 2023.
However, there are also challenges that may affect the market in the coming year. The pandemic continues to impact the economy, and with it, the real estate market. Travel restrictions and border closures have affected the foreign investment in the sector. Moreover, the ongoing supply chain disruptions have resulted in a shortage of construction materials, which may delay project timelines and increase costs.
In conclusion, while there are challenges ahead, Vietnam Property in 2023 is expected to continue its growth. The demand for housing and commercial properties remains high, and the trend towards sustainable development is gaining momentum. With careful planning and adaptation, the sector is well-positioned to weather the challenges and continue to thrive in the years to come.
Helen Nguyen (Ms.)
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