A steady economic growth rate, the new Property Business Law and the revised Housing Law, which took effect on July 1, are encouraging the recovery of the property market which has suffered a long period of downturns.
Statistics showed since the beginning of this year, 5,137 flats have been made available in the market, up to 1,518 of which are considered high-grade.
Despite an increase in prices, around 4,480 high-class flats were sold in the second quarter, up 80 percent against the same period, and accounted for about 22 percent of the total transactions in the first six months, as compared with 6 percent in 2013 and 18 percent in 2014.
Prices of luxury flats are also rising, increasing from 4-6 percent from one year ago, especially for projects with advantageous locations.
Meanwhile, there was a decline in the real estate market’s segment of plain flats with the number of transactions accounting for only 26 percent, a strong drop from 49 percent in 2013 and 33 percent in 2014.
According to experts, the luxury real estate market will continue to grow with positive economic prospects and key infrastructure projects.