Real Estate Market Is “Hot”  In East

Compared to the same period, trading on the real estate market has slowed down, showing signs of deviation to high-end segment, lack of popular apartment products, the number of secondary investors increased …

That is some information given in the latest report on real estate market in the first half of 2016 HoRea Real Estate Association (HoRea).

Specifically, in addition to the number of successful transactions in the market lower than the first half of 2015, real estate projects in the high-end segment accounted for a larger number of commercial-priced housing projects with affordable price or social housing for low-income people.

Statistics from HoREA show that 34 projects were certified by the Department of Construction to be eligible for capital mobilization with 14,901 units, up 1.8 times; High-end luxury apartments up to 16%. However, the average price of apartments decreased 18.9% over the same period last year. These figures do not include completed projects and then sold; ground foundation project; Unqualified projects have mobilized capital.

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In addition, on the market there are some investors do not comply with the law: mobilize capital before the deposit contract, promise to buy promised sale, home buyer loan contract … increasing the risk for homebuyers.

There are still some cases where they did not comply with the provisions of the law on investment and construction and have not satisfied the conditions for the use of condominiums for their use.

Failure to comply with the regulations on mortgages and mortgages (typically the case of The Harmony) and selling homes to customers has caused damage to consumers and affected social security.

At the same time, the situation in the apartment complex is still complex … Besides, HoRea also warned the trend of increasing secondary business investors in the medium-high segment.

According to HoRea, the high-end real estate market is developing hot in the eastern part of the city, from the west bank of the Saigon River, starting from District 1 through District 4 to District 2, District 9 and Thu Duc District.

Upcoming, HoRea continues to unite with other departments to propose to the City People’s Committee to resolve immediately to solve difficulties and problems for businesses.

And quickly offer solutions to healthy the real estate market in general and the real estate market in the city of July/2016.

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