Business

Housing transactions to see strongest growth in Q4

Vietnam’s real estate market in the final quarter of 2018 is likely to see the strongest growth of the year in housing transactions, even higher than that of the same period last year, according to Nguyen Van Dinh, Vice President of the Vietnam Association of Realtors (VARs).
Housing transactions to see strongest growth in Q4 ảnh 1Housing transactions are expected to see the strongest growth in 2018 this fourth quarter (Photo: VNA)

Hanoi (VNA) – Vietnam’s real estate market in the final quarter of 2018 islikely to see the strongest growth of the year in housing transactions, evenhigher than that of the same period last year, according to Nguyen Van Dinh, VicePresident of the Vietnam Association of Realtors (VARs).

Binh gave the forecastat a VARs event in Hanoi on October 11 to announce its report on the domesticproperty market in the third quarter.

He said the nationwidemarket is anticipating the upcoming launches of various new projects fromOctober to December, and that unit prices will only pick up 0.5-1 percent fromthe previous quarter, which is not significant.

In the final quarter,the market will welcome launches of a wide range of products while the economyis predicted to remain stable and experience strong growth with positiveoutlook on housing demand and investment. At the same time, foreign directinvestment (FDI) will continue pouring into Vietnam, especially as a wave ofFDI will be redirected from investments in China due to great concerns over theUS-China trade tension, according to VARs.

This quarter is alsothe period in which Vietnam usually receives the highest level of remittance inthe year, with real estate also often viewed as the best investment channelcompared to stocks, gold, and foreign currencies.

In the third quarterof 2018, over 200,000 new units were launched in the country’s two economichubs, Hanoi and Ho Chi Minh City, with prices staying flat from the secondquarter. About 13,000 units were sold, accounting for 63.5 percent of the totalsupply.

In Hanoi, middle-rangeapartments made up 54 percent of the total transactions. Meanwhile in Ho ChiMinh, high-end units dominated with 40.5 percent, followed by the middle-rangesegment with 36.5 percent.

However, resortproperties witnessed drops in supply and successful transactions in theprevious quarter. The VARs recommended developers to halt developing new resortprojects to avoid oversupply. –VNA 
VNA
#Vietnam’s real estate market #housing transactions #Vietnam Association of Realtors #housing demand in Vietnam #FDI in Vietnam's property market #middle-range apartments in Hanoi #updated Vietnam news #Vietnamplus #Vietnam News Agency
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