Business

Thriving real estate market in HCM City

Ho Chi Minh City has seen a swift recovery in the properties and real estate market, said commercial real estate services and investment firm CBRE Vietnam Co. Ltd at a conference held on June 30 in the southern economic hub.
Ho Chi Minh City has seen a swift recovery in the properties and realestate market, said commercial real estate services and investment firmCBRE Vietnam Co. Ltd at a conference held on June 30 in the southerneconomic hub.

According to the company, the result wasbuoyed by stellar national economic growth, increases in export revenueand the expected coming into effect of the Law on Real Estate Businesson July 1.

Significant improvement was seen in the apartmentmarket with 8,500 units available for sale in the second quarter. In thesix-month period through June, over 18,000 apartments were offered tocustomers, with 67 percent of which sold.

This is also a goldenchance for developers to launch premium products, most of which are inthe city’s eastern part. Prices per square metre are around 1,781 USD,rising 3.2 percent from the first quarter of this year.

Thestability of the stock market, gold prices, exchange rates and interestrates has made the property market an attractive playground for thefirst time in the past seven years, highlighted Marc Townsend, ManagingDirector of CBRE Vietnam Co. Ltd, adding that most customers areinterested in small-sized apartments.

However, 60-70 percent ofhigh-end properties are being purchased for investment, meaning the endusers have not made significant impacts on real estate demand andsupply, said Duong Thuy Dung, Associate Director of research andconsulting services at CBRE Vietnam.

She added that foreignershave shown interest in Vietnamese real estate market, as seen in theflow of emails to CBRE inquiring into money transfer methods andpurchasing buy-to-rent housing properties.

In a bid to draw moreforeign real estate investors to Vietnam, Duong said domestic developersneed to popularise their image outside the country and improvetransparency in the property market.

Currently, Vingroup is theonly Vietnamese real estate developer that has set up an office in theUS to expand its foreign market and access to Vietnamese expatriates.-VNA
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