Home buyers, investors fond of apartments with long-term ownership

SGGP

The real estate market has been in the consumption trend of apartments with long term ownership as Vietnamese are still fond of timelessly owning their property.   

That was reported by senior director of CBRE Vietnam Duong Thuy Dung at a seminar hosted yesterday on real estate ownership trend.

For the last past, the Vietnamese real estate market has seen a surge of many substitute products with a time limit in ownership such as condotel, officetel and shophouse. Still the market has been in the tendency of long term ownership.

According to Ms. Dung, the segment of apartments is most in demand in the market. In 2008, 8,000 out of the total of 15,000 apartments offered for sale were sold in Hanoi and HCMC. The numbers of apartments offered for sale and sold in these two markets have reached 63,000 and 55,000 respectively as of 2018.

The demand of products with long term ownership is very high but supply has been short of demand. Within the first six months of 2019, the offered for sale number sharply fell over the same period last year, HCMC in particular fell by 80 percent.

By Nhung Nguyen – Translated by Ngoc Thanh

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