Transaction volume is centred in new high-quality launches

• High-end Apartments recorded 1,059 units sold, mainly from new projects developed by reputable developers with clear legal status that were pre-sales 1 to 2 quarters ago. Effective strategies like quick-payment discounts and long payment terms boosted sales to over 90%.
• Strong sales in the RBL market in Q3. Notably, the first phase of The Meadow by Gamuda Land achieved over 90% absorption in just one quarter. Despite the market’s sluggish performance in the first half, this implies strong demand for good projects.

Supply trends positively with projects from major developers

• The High-end Apartment market welcomed two new projects: Eaton Park (Gamuda Land) and The Aurora (Phu My Hung), offering 938 units. These projects, developed by reputable developers and promoted extensively, garnered considerable buyer interest in the quarter.
• The RBL primary supply improved in Q3 2024, marked by The Meadow’s launch and pre-sales for L’Arcade and The Foresta. Developers implemented incentives, such as discounts and flexible payments, to boost year-end demand.

Prices remain stable, with developers offering attractive sales policies to stimulate demand

• High-end Apartment primary prices fell 3.7% q-o-q to USD 4,811 per sqm, due to the removal of sold-out high-priced projects. Some projects offered discounts to buyers who paid quickly. Capital values rose by 1.2% q-o-q, amidst limited new supply and high primary prices.
• The RBL primary market prices averaged USD 4,659 per sqm, decreasing by 4.2% q-o-q and increasing by 2.2% y-o-y, driven by Suburban launches. Capital values showed a slight increase of 1.1% q-o-q, reaching USD 3,022 per sqm.

Outlook: Clearer signs of positive recovery in the near future

• About 6,000-7,000 High-end Apartments and 4,000 RBL units are expected in Q4 2024 to 2025. Following the official implementation of the new legislation from August, project resumption and new launches are expected, yet no rapid changes are expected in the short term.
• End-users, which typically favour lower- to mid-priced projects with clear legal status, will continue to be a key demand driver over the next year. Despite higher prices expected in new projects, developers are likely to offer incentives to stimulate buyer interest.