HCMC property market stagnates: HoREA
HCMC property market stagnates: HoREA
The real estate market in HCMC was bleak in the January-September period this year with few projects being launched, which will result in a shortage of apartments in the near future, according to the HCMC Real Estate Association (HoREA).
In the nine-month period, the city approved the development of only 12 projects, covering a total area of 195 square meters, a year-on-year decrease of 72%.
In addition, only 32 apartment projects with nearly 19,700 units are eligible for raising capital from homebuyers, a sharp decline of 58.44% in the number of projects, and 30.56% in the actual number of apartments.
Last year, 61 housing projects were completed, offering some 35,400 new apartments. The respective figures in the January-September period were 17 projects and 12,500 apartment units.
HoREA Chairman Le Hoang Chau said the property market in the city has slowed in the past two years, and he warned that if practical solutions are not worked out immediately, the market may worsen.
Many projects underway have been put on hold, leading to a fall in both supplies and sales of apartments, especially affordable and social ones. This has caused a surge in the price of apartments, Chau added.
