Only 16 commercial housing developments were completed in the third quarter of 2024 with just 3,314 new housing units entering the market according to the latest Ministry of Construction data. This represents a fall of 33.79 percent from the second quarter of the year.
This comes after a challenging year for the real estate and construction industries which have been struggling following on from a number of high-profile arrests in the industry for fraud back in 2022. Though there has been some speculation that the industry is on the path to recovery, these numbers suggest there may be a way to go yet.
See also: Vietnam’s Real Estate Market Recovery 2024: Unpacked
Of note:
- In the newly licensed category, Q3 2024 recorded 23 projects with a total of 11,669 units, up from 19 projects and 10,230 units in Q2. This represents a 21.05 percent increase in the number of projects and a 14.07 percent rise in units.
- The number of projects eligible for future housing sales also grew in Q3 2024, with 55 projects and a substantial 21,374 units approved for pre-sale, compared to 50 projects and 13,167 units in Q2. This represents a 10 percent increase in project count and a notable 62.33 percent rise in units.
- For projects under construction, there was a slight decrease, with 939 projects and 426,158 units in Q3 2024 compared to 998 projects and 437,153 units in Q2. This represents a 5.91 percent decline in project count and a 2.52 percent decrease in units under construction.
Vietnam commercial housing development data, Q3 2024
| Q3 2024 | Q2 2024 | Change | ||||
| Category | Projects | Units | Projects | Units | Projects | Units |
| Completion | 16 | 3,314 | 9 | 5,005 | 77.78% | -33.79% |
| Newly licensed | 23 | 11,669 | 19 | 10,230 | 21.05% | 14.07% |
| Eligible to sell future housing | 55 | 21,374 | 50 | 13,167 | 10.00% | 62.33% |
| Under construction | 939 | 426,158 | 998 | 437,153 | -5.91% | -2.52% |
Source: Ministry of Construction