HoREA: Property prices unlikely to shoot up

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HoREA: Property prices unlikely to shoot up

Saigon Times - 10/25/2016 8:22:29 AM

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HCMC’s real estate market in the fourth quarter of this year is expected to grow slightly against the previous quarter but in general, it has showed signs of a slowdown and property prices are not likely to surge in the final months of this year and next year, the HCMC Real Estate Association (HoREA) said in a report.

The market has been seeing a mismatch in supply and demand as many luxury real estate projects are available on the market while the volume of budget homes costing around VND15 million (US$672) per square meter for sale and low-cost projects for lease is small.

In the January-September period, 24,461 apartments, 99.6% of them condos and 999 low-rise housing buildings, were launched on the market. Most of them belong to the luxury segment.

For budget policy-housing projects, the city currently has only eight projects funded by the VND30-trillion home loan program of the Government, three developed by private investors, and 39 others expected to be implemented in the next four years.

Aside from the residential area in the southern part including districts 7 and Nha Be, HCMC is seeing luxury projects shooting up in the east, stretching from the western bank of the Saigon River in Binh Thanh District, districts 1 and 4 to District 2, part of District 9 and Thu Duc District. There are also other luxury housing projects going up in districts 6, Tan Phu, Tan Binh and Phu Nhuan.

The number transactions in the secondary market has made up 50% of the total volume, which is quite worrying as it can push property prices up.

However, HoREA said it is difficult for property prices to leap late this year and next year.

It explains that the economy will not expand quickly next year as it is still recovering and will post slow growth while the Government and the central bank are taking a prudent approach towards credit.

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