Ho Chi Minh City condo supply expected to drop

FILE PHOTO: Vinhomes Central Park and Landmark 81, Vietnam's tallest building are seen from the Saigon river in Ho Chi Minh city, Vietnam June 6, 2019. REUTERS/Yen Duong

HO CHI MINH CITY: The condominium supply in Ho Chi Minh City will reach a record low in 2023 with only about 9,000 new units from 200 projects, experts say.

This volume, experts reported, is lower than that of Hanoi and any quarter in Ho Chi Minh City in previous years.

A report from CBRE, a leader in commercial real estate services and investments, said that within this supply, the high-end segment will continue to dominate with 75%.

The luxury segment and mid-tier segment, the company reported, shared the same proportion of 12%. Most future supply will come from subsequent phases of already launched projects, and only six out of 20 expected projects are first-time sales.

According to CBRE, the eastern area is the main development direction of the city, with over 48% of the total supply, while the western part of the city is forecast to be the new highlight, with more than 2,000 units to be launched, most of them in Binh Tan District.

Hoc Mon Ward is also expected to welcome its first commercial condominium project with a supply of nearly 800 units.

The first half of 2022 witnessed the recovery of the residential market, and this trend was expected to continue.

However, turbulence in the latter half of the recovery has affected the recovery speed as well as market sentiment, said CBRE. — Viet Nam News/ANN

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