Experts optimistic of apartments market

19:02 | 01/09/2014

VGP – The domestic apartments market is expected to continue recovery by year-end and beyond because of the increasing number of advantages for it in market and state policies, experts have said.

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Savills Viet Nam, a foreign property consulting service provider, revealed that in the second quarter of 2014, an estimated 1,900 apartment units were sold in the capital city, representing a 54% quarter-on-quarter increase resulting from strong sales in Grade B projects.

The average primary price was approximately VND28 million per square meter, representing a 15% quarter-on-quarter increase.

In Ho Chi Minh City, the overall absorption rate was estimated to be 17%, representing a quarter-on-quarter increase of seven percentage points QoQ and a year-on-year increase of nine percentage points. An estimated 2,500 apartment units were sold, representing a 60% quarter-on-quarter increase and a 115% year-on-year increase.

Real estate traders have continued doing business in the seventh lunar month in spite of the belief about it being an unlucky month for activities such as moving into new homes, getting married, and opening new businesses.

Property experts agree that Viet Nam’s real estate market will recover further, though a number of challenges remain as a result of high market demand, market recovery following a recession and active monitoring of the market by investors. -VNA