Several real estate agencies (including CBRE, Batdongsan.com.vn, and DXS-FERI) have recently released their Q4 2023 residential market reports. Below are our key takeaways from agents’ comments on the transactions data, pricing trends, and their outlook for recovery in the sector. 

Slight QoQ improvement in primary condo transactions sustained in Q4 2023 but with limited new supply in HCMC. Based on our estimates from CBRE data charts, total primary condo transactions in Hanoi and HCMC combined were ~6,100 units in Q4 2023 (+5% QoQ), which amounted to the full-year 2023 result of ~18,700 units (-46% YoY). 

In Q4 2023, Hanoi welcomed ~3,300 new condos in the primary market (+10% QoQ) mainly from the launches of subdivisions (i.e., The Metropolitan, Canopy Residences, and Lumiere Evergreen) in large-scale projects Vinhomes Ocean Park and Smart City; meanwhile, HCMC’s new condo supply amounted to ~950 units (-74% QoQ), mainly coming from the launch of KDH’s The Privia. Please see Figures 3, 5, & 6 for more 2023 performance details.

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