Looking ahead to the final months of the year, Michael Paul Piro assessed that the mid-range segment will continue to play a significant role in supply.

The report indicates that 13,460 mid-range apartments will be introduced to the market from eight new projects and two integrated urban areas in the western region by late 2024.

Additionally, strong infrastructure developments in Hanoi, including the metro line, along with the new Land Law effective August 1, 2024, are expected to drive the real estate market's recovery, projecting growth of around 20% to 30%.

Piro emphasized several key factors bolstering Hanoi's real estate market, including rapid economic growth, enhanced support policies, and effective credit control. These elements have collectively helped the sector navigate its most challenging phase.

He also noted that the population growth rate indicates a high demand for residential apartments.

Amid land scarcity and legal constraints, both mid-range and luxury apartments are anticipated to attract significant investor interest, with expectations for substantial returns. Primary prices are forecasted to rise by 5% to 10% due to the completion of projects featuring improved construction quality, design, management, and amenities.

From a business perspective, Nguyen Anh Tuan, Vice Chairman of HDMon Group, stated that the demand for housing in Vietnam remains robust. Increasing urbanization, a youthful population, and a strong desire for homeownership are driving this demand.

He highlighted the government's proactive efforts to promote and address challenges in the real estate market, instilling confidence among businesses and paving the way for more positive developments in 2024 compared to previous years.

Additionally, the simultaneous enforcement of three major laws—the 2024 Land Law, the 2023 Housing Law, and the 2023 Real Estate Business Law—is expected to enhance market transparency and create new opportunities for businesses, Tuan said.