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The Supplies Were Boomed In The High-end Segment In District 2

Located right next to District 1 – city center, district 2 apartment, especially high-end segment is considered the focus of real estate in East 2017.

Actually, District 2 apartment has been hot since late 2016 when there are a series of projects started as Masteri Thao Dien, Masteri Millennium, New City Thu Thiem. In the second quarter of 2017, although the supply of medium-class apartments accounted for 56%, in terms of growth, it lost to high-end apartments with a 141% increase compared to the first quarter. Absorption of high-end projects will remain at over 50% in the near future as demand for housing in District 2 is still very high.

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Towards foreigners and inland the rich

The high-end apartments are offered for sale at between VND30 million and VND100 million per square meter, and a 100-square-meter unit will cost as low as VND3 billion, while mid-range and low- billion is also a big problem for many people. As such, District 2 apartments in the high-end segment are targeted at inlanders and expatriates living in Vietnam who have a lot of money.

Maybe many will ask, district 2 is so the rich? District 2 is an inner-city district of Ho Chi Minh City, adjacent to District 1 – the city’s leading economic center. Although the district is new urbanization, thanks to favorable conditions as a traffic hub, potential land fund construction, large canals system have helped the district 2 economies to grow in a short time.

The supplies were boomed in the high-end segment in District 2
From a sparsely populated area, District 2 has become a metropolis with countless skyscrapers, commercial centers and high-end services.

Since the project in District 2 of Thu Thiem new urban area has been approved, land prices here have jumped 6 to 12 times compared with before. After 10 years, from a sparsely populated area, District 2 has transformed itself into a bustling urban area with a series of high-end real estate projects such as An Phu – An Khanh urban area, Thu Thiem urban area, Thao Dien, Thanh My Loi … People flock to district 2 to do business, domestic and foreign investors poured money to invest here, especially in the field of real estate not count. From here, demand for apartments in District 2 in the high-end segment also increased rapidly.

In 2017, among projects in district 2, there are five to six high-end apartment projects, including Vinhomes Central Park, Vinhomes Golden River, Thao Dien Gateway, providing tens of thousands of apartments to serve the need to buy housing of resident in District 2.

The supplies were boomed in the high-end segment in District 2
The Vinhomes Central Park project is located in District 2 of Vingroup – one of the outstanding District 2 apartment projects of 2017.

The apartment market in District 2 has no sign of crisis, still in control

As said, the supply of District 2 properties in the high-end segment in the second quarter of 2017 alone rose 141% from the first quarter. This number helped to raise the share of luxury apartments to 30% of the total. 211,000 apartments are offered for sale in Ho Chi Minh City. Whereas the middle-class segment normally accounts for more than half, it only maintains a modest figure of 37%.

The increased supply of District 2 high-end projects is believed to be higher than current demand for houses. Although the land is attractive to many, the amount of people who want to buy a home is still very high. However, in the second quarter of 2017, the absorption rate of the entire city market was 10,000 units, of which 3,500 luxury apartments were offered for sale. The selection of prestigious investors, improve the quality of life of residents, the low-risk rate also helps the District 2 apartment though many still do not fall into the situation of moisture.

The supplies were boomed in the high-end segment in District 2
The absorption rate of District 2 apartments remained high, not worried about the crisis

According to Director Savills Hanoi Matthew Powell, real estate market District 2 has many changes but the demand for houses in District 2 remains high, the segment of a high-end real estate in particular and the whole market has not signed. crisis effect, still in control. In response to the tastes of home buyers, but the price of District 2 apartments has not increased rapidly, state management agencies are still issuing cautious policies for the process of planning and developing District 2 into a city center named after Uncle Ho.

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