Demand for land increased
3 years ago, Mr. Nguyen Van Khoa (33 years old, Bac Giang City) decided to quit his job as an office worker to work as a land broker because he realized that his relatives and friends working in this profession was both leisurely and profitable. . There was even a time when Bac Giang land was “hot”, Mr. Khoa also convinced his parents to put money into buying land to wait for the price to increase.
However, from the end of 2023 when the land falls into “hibernation”, Mr. Khoa seems to be unemployed. To make ends meet, he worked as a sales staff for a number of auto stores in Bac Giang City.
Recently, when the real estate market showed signs of warming up, Mr. Khoa continuously received calls or inquiries from investors he had met about whether the land had recovered or not. This made Mr. Khoa think and decide to return to being a land broker, combined with his current job.
Not only Mr. Khoa, many real estate brokers are also planning to return to the land market.
In fact, Batdongsan.com.vn’s real estate market report for Quarter 1/2024 shows that the land market has shown signs of increasing demand again. However, compared to the previous period, demand is still very modest.
Accordingly, compared to the level of interest in searching for land in Quarter 1/2022, the number of searches for land in Quarter 1/2024 still decreased by 52 percentage points. Even compared to Q2/2023, the recovery rate of land is only about 1%.
Most southern localities from Ho Chi Minh City to Binh Duong, Dong Nai, Lam Dong, Binh Phuoc all have a deep decrease in purchasing demand of 50-55% compared to the peak of Quarter 1/2022. Compared to Quarter 4/2023, The demand for land is almost flat, even decreasing in some markets that once had a “land fever” such as Binh Phuoc, Lam Dong, and Tay Ninh.
Although land prices have stopped their deep decline, they still mostly maintain a sideways trend in the first quarter of this year.