Nearly 13,000 apartments were successfully traded in Q3 in Ho Chi Minh City. Compared to the second quarter, the transaction volume has increased to 43.9% and is the highest figure in the highest in recent years.
Macroeconomic reports in the third quarter of 2017 from the Institute for Economic and Policy Studies (VEPR) show that the apartment market has opposite events in the two largest areas in the country: Hanoi and Ho Chi Minh City.
According to economic experts of VEPR, while the apartment market in Hanoi is still relatively quiet, the property market in HCM City is very exciting, increasing both open and new sales out. In both markets, transactions are still concentrated in the middle and lower end segments.
According to JLL Viet Nam, total new apartment supply in Q3 reached 6,000 units, down 10.5% quarter on quarter and down 19.5% year on year. On the demand side, the market seemed more optimistic with sales reaching 6,500 units, up 7.3% on quarter, but also down 18.9% year on year. In particular, the average transaction rate of mid-end and low-end segment remained at 75.5% of total sales in Q2.
Meanwhile, in Ho Chi Minh City, sales and transaction volume increased sharply, reaching 11,744 units, up 53.9% against Q2 and 12,919 units (up 43.8% against Q2). ), the highest in many years.
The situation leads to the opposite trend in real estate prices in two major markets. In Hanoi, prices on the primary market decreased by 2% compared to Q2, especially in the luxury segment, in order to stimulate demand.
In contrast, apartment prices in the primary market continued to increase in Ho Chi Minh City, with an increase in Q3 of 4.9% compared to Q2. Meanwhile, secondary apartment market in both Two major cities has recorded relatively stable prices.
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In addition, in the first 9 months of the year, real estate remains attractive for new investors including domestic and foreign investors. Specifically, in the third quarter, there are 1,200 newly established enterprises in the field of real estate, bringing the total number of newly established enterprises in this field to 3,500 enterprises since the beginning of the year, up 62.4% compared with same period of 2016.
Real estate is also the sector recorded the highest growth in the number of newly established enterprises in the first nine months of the year. Total property sales for the first nine months of the year grew by 3.99% over the same period last year, the highest increase in five years.
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