Several real estate agencies (including CBRE, Savills, Batdongsan.com.vn, and DXS-FERI; see Appendix on Page 6) have recently released their Q2 2024 residential market reports. Below are our key takeaways from agents’ comments on transactions data, pricing trends, and their outlook for recovery in the sector.

We have observed that preparations for project launches nationwide ramped up in H1 2024, with active new project launches in Q2 2024 (see Figure 6). Prior to the Lunar New Year, several developers started preparation activities for upcoming projects, mainly in groundbreaking. From late Q1 through Q2 2024, a growing number of projects were introduced to the market via sales introduction events, and later started official presales launches. According to DXS-FERI, sales activities increased QoQ with 12 sales introduction and 25 sales launch events in Q2 2024 compared to 11 sales introduction and 2 sales launch events in Q1 2024.

Significant new presales launches in H1 2024 included VHM’s Vinhomes Royal Island in Hai Phong in March, followed by launches from foreign developers like CapitaLand with (i) Lumi Hanoi – a phase inside Vinhomes Smart City and (ii) Sycamore in Binh Duong, marking its first project outside of Hanoi or HCMC, and (iii) Gamuda Land’s Eaton Park in HCMC.

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