Ho Chi Minh real estate market reverses sharply in Q3-2016

Survey HCM real estate market Q3-2016 through CBRE Vietnam revealed typically the housing supply in some sector segments decreases significantly inside third quarter.

Accordingly, throughout Q3, the market welcomes an overall of 8, 016 new apartments from 23 tasks, including 13 brand new kinds and 10 others do some simple previous sales phases.

CBRE says the figure declines 17% quarter-on-quarter and down 27% year-on-year. New supply of the medium segment dominates the market with about 68% connected with total. The luxury segment normally takes the second place with 29%, with apartments mainly by projects Millenium in District 4 and Ha Carry out Centrosa in District 10.

Meanwhile, although stench from Da Phuoc landfill will be stifling residents in Phu My Hung, this area remain see a large number of apartments presented for sale from 7 projects, accounting for 44% of total new supply inside third quarter. CBRE declared South Saigon is the middle point attracting both buyers along with investors.

East Saigon ranks second with 24% of new apartments offered for sale through the quarter. Currently, new supply of the East mainly works on in Binh Thanh Section with outstanding projects involving real estate giant Vingroup.

Supposedly, even though the number of apartments unveiled is less than the figure connected with previous quarter, sales rises by 32%, equivalent to 7811 units, a decrease of 2% year-on-year.

The medium phase remains good performances of more than 4, 000 apartments purchased from the third quarter, making up over 50% of the total income.

Regarding price, according to CBRE, market in the third fraction records average asking price associated with $2046/ sqm, up installment payments on your 1% quarter-on-quarter and some. 6% year-on-year. In particular, moderate segment sees the highest cost increase of 7% over the previous quarter. Besides, often the newly-launched projects also track record higher prices than the typical price of Q2-2016.

In industry of future supply, CBRE forecasts in the next 4 groups, the market will welcome 45, 000 new apartments. For instance , an urban area project in Can Gio Area will contribute a large number of condominiums to the market.