In H1 2024, approximately 1,200 new units were launched, down 54% YoY. Notably, Q2 2024 saw around 924 units launched, up 240% QoQ but down 5% YoY. In the first half of 2024, two newly launched projects contributed to 66% of the total new supply. The remaining units were derived from subsequent phases of existing projects.
Developers are strategically managing inventory, closely monitoring market sentiment, and completing legal procedures while preparing for the upcoming implementation of new laws. The Luxury segment dominated with a 59% market share of new supply in the first half of 2024.
In H1 2024, the market recorded a sales volume of approximately 2,100 units. Over 50% of the sales volume resulted from the strong sales performance of the Mid-end segment during H1 2024. Around 34% of the sales volume in H1 2024 was attributed to a new project in the Luxury segment in Q2 2024.
Driven by the new launch of a Luxury project, the average primary price increased by 9% compared to the previous quarter and 8% YoY, reaching approximately US$3,480 per sq.m in Q2 2024.
Given the ongoing challenges in the global and local economy, buyers have remained cautious and directed their attention toward projects developed by reputable developers or having attractive payment schemes.
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