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.
According to the company, the result was buoyed by stellar national economic growth, increases in export revenue and the expected coming into effect of the Law on Real Estate Business on July 1.
Significant improvement was seen in the apartment market with 8,500 units available for sale in the second quarter. In the six-month period through June, over 18,000 apartments were offered to customers, with 67 percent of which sold.
This is also a golden chance for developers to launch premium products, most of which are in the city’s eastern part. Prices per square metre are around 1,781 USD, rising 3.2 percent from the first quarter of this year.
The stability of the stock market, gold prices, exchange rates and interest rates has made the property market an attractive playground for the first time in the past seven years, highlighted Marc Townsend, Managing Director of CBRE Vietnam Co. Ltd, adding that most customers are interested in small-sized apartments.
However, 60-70 percent of high-end properties are being purchased for investment, meaning the end users have not made significant impacts on real estate demand and supply, said Duong Thuy Dung, Associate Director of research and consulting services at CBRE Vietnam.
She added that foreigners have shown interest in Vietnamese real estate market, as seen in the flow of emails to CBRE inquiring into money transfer methods and purchasing buy-to-rent housing properties.
In a bid to draw more foreign real estate investors to Vietnam, Duong said domestic developers need to popularise their image outside the country and improve transparency in the property market.
Currently, Vingroup is the only Vietnamese real estate developer that has set up an office in the US to expand its foreign market and access to Vietnamese expatriates.-VNA
According to the company, the result was buoyed by stellar national economic growth, increases in export revenue and the expected coming into effect of the Law on Real Estate Business on July 1.
Significant improvement was seen in the apartment market with 8,500 units available for sale in the second quarter. In the six-month period through June, over 18,000 apartments were offered to customers, with 67 percent of which sold.
This is also a golden chance for developers to launch premium products, most of which are in the city’s eastern part. Prices per square metre are around 1,781 USD, rising 3.2 percent from the first quarter of this year.
The stability of the stock market, gold prices, exchange rates and interest rates has made the property market an attractive playground for the first time in the past seven years, highlighted Marc Townsend, Managing Director of CBRE Vietnam Co. Ltd, adding that most customers are interested in small-sized apartments.
However, 60-70 percent of high-end properties are being purchased for investment, meaning the end users have not made significant impacts on real estate demand and supply, said Duong Thuy Dung, Associate Director of research and consulting services at CBRE Vietnam.
She added that foreigners have shown interest in Vietnamese real estate market, as seen in the flow of emails to CBRE inquiring into money transfer methods and purchasing buy-to-rent housing properties.
In a bid to draw more foreign real estate investors to Vietnam, Duong said domestic developers need to popularise their image outside the country and improve transparency in the property market.
Currently, Vingroup is the only Vietnamese real estate developer that has set up an office in the US to expand its foreign market and access to Vietnamese expatriates.-VNA
