HCM City: Real estate continues positive path
The real estate market in HCM City has continued its positive growth late 2016 with many new projects launched, particularly in the mid-end segment, in the first quarter of this year.
According to CBRE Vietnam, the market welcomed more than 5,000 units from 21 projects in the first quarter of 2017, a decrease of 44% quarter-on-quarter. The mid-end segment accounted for 52% of total newly launched units.
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The average selling price reached US$1,595 per sqm, up 6% from the previous quarter.
“The average prices were quite flat across the market. While District 2’s average selling price rose by 1.4% quarter-on-quarter and District 7’s by 1.9% quarter-on-quarter, other decentralised districts such as Binh Thanh District, Go Vap District and District 12 witnessed their selling prices increasing by 1.5% – 3% quarter-on-quarter”, CBRE Vietnam said.
The selling prices of ready-built villas/townhouses picked up 16%-40% from the fourth quarter of 2016 in Thanh My Loi and Binh Trung Dong wards of District 2 while in Nha Be District, Thu Duc District, Binh Chanh District and District 12, the selling prices rose by as much as 25% quarter-on-quarter, it added.
Data from the Housing and Real Estate Market Management Agency shows that real estate inventories in Vietnam hit approximately VND29 trillion in the first quarter of 2017, an increase of 6.54% from the previous quarter.
Of the figure, the inventory of land plots contributed the biggest proportion of over VND13.4 trillion, or more than 3.4 million sqm, due to a large number of land lots left unsold in areas lacking infrastructure.
It was followed by villas/townhouses with 3,620 units, worth about VND7.9 trillion and residence apartments with 3,505 units, worth over VND5 trillion.
Real estate inventories in Hanoi fell by 1.56%, or VND87 billion, lower than HCM City’s reduction of 6.93%, or VND402 billion.
