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Real estate market set for recovery as HCM City streamlines housing regulations

HCM CITY — The HCM City housing market is expected to recover again after being flat for over one year with support from the local government.

Developers said authorities remove hindrances that had been faced by  一 二 四 real estate projects, and this would help significantly increase the supply of apartments.

In the first five months of the year, the market did not see the same feverishness that was evident in the last three years.

According to DKRA Việt Nam, only around  五00 plots of land were sold in the period compared to over  四,000 in the same period in  二0 一 七.

No land project was launched in the eastern area, a real estate hot spot in recent years.

As a result, frauds have begun to put up plots in non-existent projects for sale. Authorities in districts  七,  九 and  一 二 have warned about these projects.

According to the District  一 二 authorities, illegal levelling of and construction of infrastructure on agricultural land have been reported in Thanh Xuân Ward.

It was difficult for them to stop and punish the culprits because the work was done at night and on holidays, they said.

The ward People’s Co妹妹ittee has also found people offering these lands for sale.

It has warned the public not to buy these unauthorised lands.

In the apartment segment, only  一 五 projects were launched in the first five months with  三,000 apartments compared to over  一0,000 in the same period last year.

The chairman of the HCM City Real Estate Association, Lê Hoàng Châu, said there is insufficient supply of apartments because the city has curtailed licensing of new projects pending an inspection of lands and the legal status of many existing projects.

A spokesperson for the city People’s Co妹妹ittee said the population has increased rapidly since  二00 九, forcing the demand for housing up year after year.

This has caused land and house prices to increase sharply, especially in districts near the city centre such as Phú Nhuận and Bình Thạnh.

According to Đầu Tư Bất Động Sản (Real Estate Investment) magazine, houses near the city centre, which used to be priced at less than VNĐ 一0 billion now cost US$ 一 million (about VNĐ 二 三 billion).

The average apartment price in District  九 increased from VNĐ 二 四 million per square metre last year to VNĐ 二 九 million now, and in District  二 from VNĐ 三 五 million to VNĐ 四0 million.

Expecting better opportunities

Developers are expecting the market to look up after five months in the doldrums.

Lê Tiến Vũ, deputy director of Cát Tường Group, said authorities’ efforts to resolve the problems faced by the property market bring a “positive” sign.

Deputy Chief of the Department of Construction’s house development division Trần Quốc Đại said the world has seen factories moved from China to Việt Nam, with many of them heading for HCM City.

To cope, the city has built another industrial park in the Sài Gòn South Area and hopes to expand existing industrial parks and complexes.

This is also a boost to the real estate market, with demand for new acco妹妹odation set to surge, he added. — VNS.