Revitalizing Vietnam’s Real Estate Market in 2024
As Vietnam’s real estate market faces an array of challenges, several key projects launched in 2024 are injecting new life into the sector, providing fresh hope for investors and homebuyers alike. The landscape is shifting, with renowned developers tackling legal requirements, securing prime locations, and focusing on quality construction and transparency. Let’s delve into some of the standout developments shaping the market this year.
Sun Urban City Phu Ly: A Gateway to Luxury
One of the flagship projects making waves is Sun Urban City Phu Ly, developed by the reputable Sun Group in the northern province of Ha Nam. Spanning an impressive 420 hectares, this urban development is designed to offer a blend of lifestyle and luxury. The project features nine-storey apartments starting at VND29 million (approximately $1,140) per square meter, appealing to a diverse range of buyers. Additionally, low-rise townhouses are situated at a starting price of VND95 million ($3,732) per square meter. The first phase of the project is set to launch in Q2 of 2026, signaling strong future potential for investors.
Waterpoint: Luxury Living in Long An
In the heart of the Mekong Delta, the Waterpoint project by Nam Long Group—developed in collaboration with Japan’s Nishi-Nippon Railroad—offers yet another compelling option. Covering 355 hectares in Long An, this luxurious community provides various premium properties, including riverfront villas priced between VND18-30 billion ($1.18 million) for expanses of 600-1,000 square meters. Grand villas, available for VND10-16 billion ($628,562), complement other options like townhouses and smaller villas that cater to diverse budgets, ranging from VND3.6 billion to VND11 billion ($432,136).
Vingroup: Dominating the Luxury Market
Vingroup, the largest private conglomerate in Vietnam, remains a dominant player in the real estate sector with projects like Vinhomes Royal Island in Hai Phong and Vinhomes Global Gate in Hanoi. The Royal Island project will stretch over 877 hectares, showcasing luxury villas, townhouses, and shophouses, with prices starting at VND9 billion ($353,566) and soaring to VND17.1 billion for villas.
In Hanoi, Vinhomes Global Gate spans 385 hectares and boasts over 4,000 units. Here, prices range from VND17-36 billion ($1.4 million) for shophouses, leading up to an impressive VND40-200 billion ($7.86 million) for high-end villas.
Premium Apartments: Catering to High-End Buyers
The luxury apartment sector also flourishes with notable projects from developers like Masterise and MIK Group. Masteri Grand Avenue, for example, offers apartments starting at VND3.14 billion ($123,355), with sizes ranging between 26.9 and 138.1 square meters. On the other hand, The Continental showcases premium apartments starting at VND100 million ($3,928) per square meter, clearly targeting the high-end market segment.
Resort Real Estate: Renewed Interest in Nha Trang
KDI Holdings has launched Libera Nha Trang, a high-profile resort real estate project capturing attention in 2024. This beachfront development covers 42.8 hectares and features 168 shophouses, 98 beach villas, and 2,413 beach apartments. Prices for these apartments start from VND1.2 billion to 3.2 billion ($125,712), playing a critical role in revitalizing the resort market, which had experienced stagnation in prior years.
Affordable Housing: Meeting Growing Demand
In southern Vietnam, established developers continue to address the demand for affordable housing. Projects like Bcons Avenue in Binh Duong, developed by Bcons Group, and SkyOne by Phu Dong Group have garnered attention for their value offerings, with units starting from VND1.5 billion ($58,928). These developments specifically target young professionals and middle-income buyers seeking affordable solutions in burgeoning suburban areas.
In Ho Chi Minh City, projects like Eaton Park by Gamuda Land and Masteri Grand View have made a significant impact. With thousands of pre-sale reservations already in play—2,700 for Eaton Park and over 4,200 for Masteri Grand View—these developments reflect healthy demand in the city’s rapidly advancing eastern districts, with units priced from over VND100 million ($3,928) per square meter.
Social Housing: A Beacon of Hope
Lastly, the Nhon Phu 2 social housing project in Quy Nhon, Binh Dinh Province, represents a significant stride in affordable housing. Developed by Solrise Nhon Phu Co., Ltd., this 3.8-hectare initiative will provide 714 social housing units and 48 townhouses, with prices starting at nearly VND12 million ($471) per square meter (excluding taxes and fees). This initiative stands as a vital contribution to making homeownership attainable for a broader segment of the population.
In summary, 2024 is shaping up to be a pivotal year for Vietnam’s real estate market, with diverse projects catering to various segments—from luxury to affordable housing—proving that the sector is steadily on the path of revival.