Housing and construction materials prices rose significantly by 5.16 percent in December 2024 compared to December 2023, according to Vietnam’s Consumer Price Index. Month-on-month, prices increased moderately by 0.53 percent from November.

For the full year, prices of housing and construction materials showed a 5.20 percent rise over 2023 levels, reflecting sustained growth in the sector.

The CPI for housing and construction materials in Vietnam tracks price changes in housing-related services, rents, utilities, and construction materials such as cement, steel, bricks, and timber. This category is a significant component of Vietnam’s overall CPI, as it directly reflects household living costs and the dynamics of the construction and real estate sectors.

In recent years, the CPI for housing and construction materials has experienced moderate fluctuations. Key drivers include rising demand for housing due to urbanisation and population growth, which puts upward pressure on rents and property maintenance costs. Additionally, infrastructure development and construction projects across Vietnam have spurred demand for construction materials, leading to price increases in key commodities like steel and cement.

Global factors, such as supply chain disruptions, fluctuating raw material prices, and energy costs, have also impacted the CPI for construction materials. For instance, rising global steel prices and increased shipping costs during the COVID-19 pandemic contributed to temporary spikes in this category.

The Vietnamese government closely monitors housing and construction material prices, introducing policies to stabilise markets and ensure affordability. As urbanisation continues and demand for construction materials remains high, the CPI for housing and construction materials is expected to grow gradually, influenced by both domestic market dynamics and global economic conditions.

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