Housing market spikes on low supply

SGGP
Vietnam’s home sales spiked from the beginning of the year because of low supply, according to the Ministry of Construction’s update of real estate market.

An aerial view of a high-rise condo (Photo: SGGP)

An aerial view of a high-rise condo (Photo: SGGP)

Ho Chi Minh City alone has 10 housing projects comprising of 80 houses and 2,736 condominiums entitled to sell in next time. The supply is just 80 percent of that of same period last year and 58 percent of the fourth quarter of 2019.
Low supply resulted in slight increase in house price compared to end of 2019.
In Hanoi, a high-rise condo and a single-family home hiked by 1,02 percent and 3.82 percent compared to the same period last year meanwhile in Ho Chi Minh City, an attached condo jumped by 3.50 percent compared to the same period last year and a luxury high-rise condo by 2.75 percent, mid-level high-rise condo by 3.72 percent and cheap high-rise condo by 3.78 percent.
A single-family home in HCMC rose by 8.36 percent compared to the same period last year.
For industrial property, price rose averagely by 6.2 percent while tourism property price maintained unchanged compared to last year. Price of office for rent in the country in three first months has seen no change.
Retail property for lease was vacant or down by 10-30 percent compared to previous rent due to impacts of Covid-19 and difficulties in business. In first three months of 2020, 80 percent of housing floor shut down or temporarily closed.
So far, around 200 real estate floors have been operational moderately.

By Bich Quyen - Translated by Dan Thuy

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