Real estate sector recovers and grows in the last months of the year

VCN- According to a report recently released by the Ho Chi Minh City Real Estate Association (HoREA), from now until the 2021 Lunar New Year and the whole of2021, the national real estate market and Ho Chi Minh City will continue to recover and grow again.
Plenty of potential for development of the marine real estate market Plenty of potential for development of the marine real estate market
The remarkable points of the real estate market The remarkable points of the real estate market
The real estate market remains an attractive investment channel The real estate market remains an attractive investment channel
0141-1335-img-9744
HCMC real estate market is showing many signs of recovery and growth. Photo: T.D

Many signs of recovery

Assessing the real estate market in the first 10 months of 2020, HoREA said that from March to July 2020, due to the impact of the Covid1-9 pandemic, it has exacerbated the inherent difficulties of the market. This leads to a decline in both the supply of projects and the supply of housing products, especially affordable apartments and social housing.

However, according to Mr. Le Hoang Chau, Chairman of HoREA, despite being affected by the pandemic, house prices on the primary market are still at high levels. House prices only fell on the secondary market mostly due to resales, accepting losses and fallingprices in the rental real estate market.

In particular, since August 2020, on the basis of the effective control of the pandemic and the efforts of the business community throughout the country, the real estate market has gradually recovered.

The supply of housing projects showed signs of improvement, adding to the supply of housing products in the fourth quarter of 2020 and 2021. In the first nine months of 2020, for small-scale housing projects with 100% of legal residential land, the Department of Construction of Ho Chi Minh City has approved the policy of investment projects in 11 projects, increasing by 10 projects, which is 11 times higher; recognized investors in nine projects, increased nine projects, which is 4.5 times; approved investment projects in 24 projects, increased by 12 projects, which is double compared to the same period in 2019.

At the same time, sent comments to the Department of Planning and Investment on request for approval of investment policies for 45 projects.

At the end of October 2020, the Department of Construction of Ho Chi Minh City announced 10 more housing projects eligible to raise capital to sell houses to be formed in the future, with 9,147 houses, including 8,317 apartments and 830 low-rise houses, adding more housing supply in the fourth quarter of 2020.

Increasing again from the last months of the year

On that basis, HoREA forecasts that from now to the 2021 Lunar New Year and for the whole of2021, the national real estate market and Ho Chi Minh City will continue to recover and grow again due to the positive effect of control measures of the Covid-19 pandemic nationwide.

In particular, Ho Chi Minh City with urban development and urbanization will add resources to the socio-economic development and the city's real estate market to recover and grow faster and more sustainably, both in the medium and long term, with new accelerating forces.

The first is the project to establish Thu Duc city in Ho Chi Minh City, a highly interactive and creative city, a grade 1 city with an economic scale equal to about 7-8% of national GDP, accounting for athird of the GRDP of the city.

Along with that, the city government has a goal of building Ho Chi Minh City into a smart city.

The project to convert four out of five towns into districts in the next 10 years. In addition, Can Gio district is likely to become a "coastal urban, eco-urban and environmental city" in the future.

In addition, the Government has decided for Ho Chi Minh City to convert 26,000 hectares of agricultural land into industrial, commercial, service, urban and residential land for the 2016-2020 period. In fact, it has been shown that 1 ha of industrial, commercial, service and urban land creates more than 100 times more value than 1 ha of agricultural land.

According to data for five years (since July 1, 2015), there are about 14,000 -16,000 people nationwide, which can account for about 0.85% of the total number of houses in commercial housing projects. In which, 10,020 foreign individuals have bought houses in Ho Chi Minh City, accounting for 81.2% of the total number of foreigners buying houses.
By Thu Diu/Kieu Oanh

Related News

Vietnam

Vietnam's economy is recovering well

VCN - According to Dr. Nguyen Quoc Viet, Deputy Director of the Vietnam Institute for Economic and Policy Research (VEPR), by the end of the third quarter of this year, Vietnam's economy had recovered relatively well amid optimism about the overall growth of the world economy in late 2024 and 2025.
Vietnam - UAE trade grows to billions of dollars

Vietnam - UAE trade grows to billions of dollars

VCN - Updated by the General Department of Customs by the end of September 2024, bilateral trade between Vietnam and the United Arab Emirates (UAE) sees a year-on-year increase of more than US$1.4 billion to nearly US$5 billion
Establish nearly 170 bogus enterprises to purchase illegal invoice

Establish nearly 170 bogus enterprises to purchase illegal invoice

VCN - Hoang Phi has established 168 bogus enterprises to commit the act of purchasing illegal invoice in over 4 years.
Ministry of Finance proposes to choose the option of reducing land rent by 30% in 2024

Ministry of Finance proposes to choose the option of reducing land rent by 30% in 2024

VCN - The Ministry of Finance has just completed the draft Decree of the Government regulating the reduction of land rent in 2024. Accordingly, in the latest Draft, the Ministry of Finance directly proposed to choose the reduction level according to option 2 of 30%.

Latest News

Prime Minister to attend 8th Greater Mekong Subregion Summit

Prime Minister to attend 8th Greater Mekong Subregion Summit

Prime Minister Pham Minh Chinh will lead a high-level delegation to the 8th Greater Mekong Subregion (GMS) Summit in Kunming, China’s Yunnan province, from November 5 to 8, at the invitation of Chinese Premier Li Qiang.
PM's visit a significant milestone in Vietnam – Qatar relations: Vietnamese FM

PM's visit a significant milestone in Vietnam – Qatar relations: Vietnamese FM

Deputy Prime Minister and Foreign Minister Bui Thanh Son has granted and interview to Qatar's Asian Telegraph Newspaper on the outcomes of Prime Minister Pham Minh Chinh's visit to the Middle Eastern country from October 30 to November 1, as well as the cooperation prospects between the two countries.
Cuban top legislator concludes Vietnam visit

Cuban top legislator concludes Vietnam visit

Politburo member of the Communist Party of Cuba and President of the National Assembly of People’s Power Esteban Lazo Hernandez and the Cuban delegation successfully concluded their visit to Vietnam on November 3.
State President welcomes top legislator of Cuba

State President welcomes top legislator of Cuba

State President Luong Cuong met with Politburo member, President of the National Assembly of People’s Power, and President of the Council of State of Cuba Esteban Lazo Hernandez in Hanoi on November 2.

More News

Remove "bottlenecks" for economic breakthrough

Remove "bottlenecks" for economic breakthrough

VCN - In recent articles and speeches, General Secretary and President To Lam has repeatedly mentioned that the country is facing a new era of national growth. General Secretary and President To Lam also requested that the “bottlenecks” of the economy must be quickly removed, creating innovation and breakthroughs to complete the set tasks.
Int’l organisations, experts remain optimistic about Vietnam's economic outlook

Int’l organisations, experts remain optimistic about Vietnam's economic outlook

International organisations and experts have made positive comments on the Vietnamese economy, affirming their optimism about Vietnam's economic outlook.
Party chief clarifies major issues on new era of nation

Party chief clarifies major issues on new era of nation

Prof. Dr. To Lam, General Secretary of the Communist Party of Vietnam (CPV)’s Central Committee on October 31 had a discussion with participants of a training course for officials planned for the 14th Party Central Committee, focusing on a number of issues on a new era – the era of the nation’s rise.
Vietnam, others call on US to immediately end embargo against Cuba

Vietnam, others call on US to immediately end embargo against Cuba

Vietnam calls on the US to immediately end its embargo against and remove Cuba from the list of state sponsors of terrorism, moving towards normalising relations between the two countries based on equality, mutual respect, and respect for each other's national sovereignty and political independence, stated Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the UN.
“Carbon footprint” reduction needed for sustainable tourism development: insiders

“Carbon footprint” reduction needed for sustainable tourism development: insiders

Vietnam's tourism industry is making efforts to reduce its “carbon footprint” in pursuit of sustainability, focusing on developing “green tours”, upgrading transport infrastructure, and developing renewable energy-used vehicles, said insiders.
Concerted efforts underway to prevent IUU fishing

Concerted efforts underway to prevent IUU fishing

Vietnam is making thorough preparations to welcome the European Commission (EC)'s inspection delegation with the hope of having its “yellow card” on illegal, unreported and unregulated (IUU) fishing against the fisheries sector removed, thus boosting seafood exports to the EU market.
Vietnam needs to diversify supply chains for sustainable growth: economists

Vietnam needs to diversify supply chains for sustainable growth: economists

The diversification of global supply chains is creating significant opportunities for Vietnam to engage more deeply in international production networks. However, along with market expansion prospects, there are challenges posed by trade tensions, the reality of climate change accompanied by natural disasters, and the requirements for carbon emissions reduction, according to experts.
PM arrives in Abu Dhabi, beginning official visit to UAE

PM arrives in Abu Dhabi, beginning official visit to UAE

Prime Minister Pham Minh Chinh, his spouse and a high-ranking delegation of Vietnam arrived at Zayed International Airport in Abu Dhabi at 11 am on October 27 (local time), starting their official visit to the United Arab Emirates (UAE) at the invitation of President Mohamed bin Zayed Al Nahyan.
Big rebound forecast for southern industrial property market in 2025

Big rebound forecast for southern industrial property market in 2025

Despite a challenging 2024 marked by global economic uncertainties and regulatory changes, the industrial property market in the south is poised for a robust recovery in 2025, according to property consultancy Knight Frank.
Read More

Your care

Latest Most read
Prime Minister to attend 8th Greater Mekong Subregion Summit

Prime Minister to attend 8th Greater Mekong Subregion Summit

Prime Minister Pham Minh Chinh will lead a high-level delegation to the 8th Greater Mekong Subregion (GMS) Summit in Kunming, China’s Yunnan province, from November 5 to 8, at the invitation of Chinese Premier Li Qiang.
PM's visit a significant milestone in Vietnam – Qatar relations: Vietnamese FM

PM's visit a significant milestone in Vietnam – Qatar relations: Vietnamese FM

Deputy Prime Minister and Foreign Minister Bui Thanh Son has granted and interview to Qatar's Asian Telegraph Newspaper on the outcomes of Prime Minister Pham Minh Chinh's visit to the Middle Eastern country from October 30 to November 1, as well as the cooperation prospects between the two countries.
Cuban top legislator concludes Vietnam visit

Cuban top legislator concludes Vietnam visit

Politburo member of the Communist Party of Cuba and President of the National Assembly of People’s Power Esteban Lazo Hernandez and the Cuban delegation successfully concluded their visit to Vietnam on November 3.
State President welcomes top legislator of Cuba

State President welcomes top legislator of Cuba

State President Luong Cuong met with Politburo member, President of the National Assembly of People’s Power, and President of the Council of State of Cuba Esteban Lazo Hernandez in Hanoi on November 2.
Remove "bottlenecks" for economic breakthrough

Remove "bottlenecks" for economic breakthrough

General Secretary and President To Lam requested that the “bottlenecks” of the economy must be quickly removed, creating innovation and breakthroughs to complete the set tasks.
Mobile Version