The real estate market in Vietnam is witnessing a remarkable resurgence, highlighted by the return of approximately 70% of real estate businesses and agents who are eager to commit to their profession once again. According to reports from Dân Trí, these professionals, who had previously faced serious hurdles from mid-2022 to 2024, are now re-entering the market, which is gradually recovering from past struggles.
During the challenging period, companies grappled with significant issues related to supply chain disruptions and liquidity shortfalls, leading many firms to downsize drastically. For example, Nguyen Anh Que, Chairman of G6 Group, noted, "From mid-2022 to 2024, the real estate market faced difficult conditions, both for supply and liquidity." His company experienced cutbacks of up to 80% of its workforce during this tumultuous time.
Recent trends, though, tell a different story. Post-Tet celebrations, there has been newfound optimism, as major housing projects emerge and transactions rise. Pham Duc Toan, CEO of EZ Property, shared, "After the Lunar New Year, many companies are launching projects, creating significant demand for agents." This growing need for real estate services has prompted firms to actively recruit and train new brokers, filling the gaps left during the downturn.
Empirical evidence demonstrates the variation across regions. While urban areas rich in housing projects, such as Ho Chi Minh City, are buzzing with activity and attracting brokers back to the field, quieter provincial cities continue to lag. Tran Kim Lien, Director of Dat Xanh Services, observed how agent presence correlates with local demand: regions characterized by multiple demand-driven projects saw brokers flock back quickly, whereas less active areas remained dormant.
For some returning agents, such as van Đinh, the pathway back has been anything but straightforward. He shared his insights, highlighting the uneven recovery: "The real estate market is warming up, and firms are investing heavily to restore their broker teams," he reflected on the shifts observed within his network of real estate brokers. Even relative newcomers have emerged, rekindling their careers with renewed hope as they navigate the steadily thawing market.
Yet, the mindset of investors is still somewhat cautious. Many potential buyers remain indecisive, reflecting on market conditions before committing to significant investments, as noted by Nguyen Anh Que: "Despite expectations, market conditions remain cautious for investors, with many still considering their options." This skepticism seems to cast shadows on the enthusiasm of returning agents, who hope to see more consistent sales activity.
Across the nation, challenges remain. According to Nguyen Van Dinh, Chairman of the Vietnam Real Estate Brokers Association (VARS), only around 40,000 brokers across the country are officially licensed, which he describes as “quite low” relative to the vast number of brokers currently operating without certifications. This stark reality presents another layer of obstacles as the industry looks to bounce back fully.
Despite these obstacles, hope is palpable among industry experts. Tran Kim Lien noted, "About 44% of brokers expect the market to grow significantly and focus on projects with complete legal frameworks,” indicating optimism for upcoming prospects as the market steadies itself. Companies are not only hiring but also investing significantly in training their workforce, ensuring agents are well-equipped to manage the demands of returning buyers and investors.
Overall, the Vietnam real estate market is on the mend. While challenges persist, the core of the market appears to be revitalizing, bringing both returning agents and potential buyers back to life. With increasing hiring and investment strategies being implemented across the industry, many within the sector are preparing for what they believe to be the dawn of a new, fruitful era.