HCM City: Housing supply increases sharply

Thien Thanh Sanitaryware joint company

HCM City: Housing supply increases sharply

Seventeen existing and new projects made a total of 9,550 apartments available in the real estate market of Ho Chi Minh City in the third quarter of this year, announced Savills Vietnam, the largest property company in the country, at a press conference on October 7. Of the figure, 5,220 units were sold, up 4 percent compared to the second quarter, with Districts 2, 7 and Binh Thanh accounting for 57 percent of the transactions.

Savills Vietnam predicted about 57,000 apartments from 92 existing and future projects will be available for purchase from the fourth quarter of this year to 2017
In the July-September period, as many as 1,680 villas and attached houses hit the city’s real estate market, up 47 percent compared to the previous quarter and mainly concentrating in Districts 9 and Go Vap. Meanwhile, 240 land lots in Districts 7 and 9 were being marketed.

It is expected that a total of 53,600 land lots, villas and attached houses will enter the property market from the fourth quarter.

According to Nguyen Thi Van Khanh, Head of the Savills Vietnam consultancy department, the current housing supply rise will not have any “bubble” effects as the economy is recovering and developing impressively and the government has issued a number of policies to support the housing sector.

Meanwhile, property investors said the increasing supply will help the market be more competitive in terms of price and quality.