Housing prices steady in the third quarter
According to a quarterly report of the Ministry of Construction in September, the supply of apartments in Hanoi and HCM City is high and prices are steady.
The report issued by the Ministry of Construction in September showed that there is an abundant supply of housing, prices are steady, lending to developers and home buyers is rising and bad debts are low.
Specially, the supply of apartments in Hanoi and HCM City is high, with many major projects in the pipeline.
In Hanoi city, there are no new projects in the low-priced segment. Most of project are medium-priced and luxury segments, including projects like Thanh Xuan Complex and Legend in Thanh Xuan district, Centre Home in Hai Ba Trung district, and Hanoi Aqua Central Complex in Ba Dinh district.
In September, developers did not reduce prices but provided promotions to lure customers.
In HCM City, ppoperty prices are steady and individual developers are partnering for large projects. An Gia Real Estate Development and Investment JSC and Phat Dat Real Estate Development JSC have joined hands with Japanese Creed Group Investment Fund to develop the River City projcet worth 500 million USD in District 7. The project will have 8,000 apartments.
Nam Long Investment JSC has tied up with two Japanese investors to develop Fuji Residence in District 9 with 87 villas and 800 apartments.
The report pointed out that the resort segment is recording various activities. In Danang, luxury resorts and tourism-linked real estate projects are drawing interest from large players like VinGroup, SunGroup, HB Group, Novaland.
In Nha Trang, a series of new resorts like Vinpearl Beachfront Condotel, Vinpearl Resort & Villas - Nha Trang, and Movenpick Cam Ranh Resort have started to sell units.
According to the report, as of the end of July, big loans given to developers and mortgages were worth 420 trillion VND, increasing by 6.8% against the end of 2015.
Banks’ property-related bad debts were estimated at 17.55 trillion VND, accounting for 4.18% of loans given to the sector.
While the Government designated an amount of 30 trillion VND for mortgages at low interest rates, banks have earmarked 32.9 trillion VND for the programme and lent 28.3 trillion VND so far.
The report predicted the property sector would remain steady but with an over supply of luxury apartments a shortage of budget apartments.
Specially, the supply of apartments in Hanoi and HCM City is high, with many major projects in the pipeline.
The supply of apartments in Hanoi and HCM City is high
|
In September, developers did not reduce prices but provided promotions to lure customers.
In HCM City, ppoperty prices are steady and individual developers are partnering for large projects. An Gia Real Estate Development and Investment JSC and Phat Dat Real Estate Development JSC have joined hands with Japanese Creed Group Investment Fund to develop the River City projcet worth 500 million USD in District 7. The project will have 8,000 apartments.
Nam Long Investment JSC has tied up with two Japanese investors to develop Fuji Residence in District 9 with 87 villas and 800 apartments.
The report pointed out that the resort segment is recording various activities. In Danang, luxury resorts and tourism-linked real estate projects are drawing interest from large players like VinGroup, SunGroup, HB Group, Novaland.
Illustrative image
|
According to the report, as of the end of July, big loans given to developers and mortgages were worth 420 trillion VND, increasing by 6.8% against the end of 2015.
Banks’ property-related bad debts were estimated at 17.55 trillion VND, accounting for 4.18% of loans given to the sector.
While the Government designated an amount of 30 trillion VND for mortgages at low interest rates, banks have earmarked 32.9 trillion VND for the programme and lent 28.3 trillion VND so far.
The report predicted the property sector would remain steady but with an over supply of luxury apartments a shortage of budget apartments.
14:43, 2024/11/18
Aircraft manufacturer Embraer seeks comprehensive aviation partnership with Vietnam
The Vietnamese leader urges the aircraft manufacturer to collaborate on technology transfer, airport construction and operation, research, and investment in Vietnam.
21:55, 2024/10/22
Better links with FDI firms to support Hanoi businesses
Hanoi will continue to focus on quality projects, especially with partners such as Japan, the United States, and Europe to boost technology transfer.
15:24, 2024/09/24
Vietnam calls for more US investment in innovation, hi-tech
The Vietnamese leader called on relevant agencies to resolve any challenges faced by investors and enhance the investment climate to encourage greater US investment in Vietnam.
14:13, 2024/09/23
Vietnamese leader urges Boeing to build production facility in Vietnam
Boeing is committed to continuing to support the development of Vietnam's aviation ecosystem, focusing on aviation infrastructure, human resources training, airport construction, and aircraft maintenance facilities.
14:38, 2024/09/17
Foreign capital pouring into Vietnam's real estate market
Experts are optimistic that the 2024 Land Law, once enacted, will help resolve legal bottlenecks and attract more FDI.
16:27, 2024/08/24
Vietnam news in brief - August 24
Read The Hanoi Times to stay up to date on developments in Vietnam.
- Growing number of FDI firms moving to Vietnam
- Vietnam Gov’t committed to facilitating Adani Group’s US$2-billion port project
- Vietnam Railway proposes US$87 million for Hanoi–Dong Dang railway upgrade
- Vietnam’s North-South high-speed railway to be designed for 350km/h
- Vietnamese gov’t urged to address impact of global minimum tax
- Samsung plans drastic investment increase in Vietnam over next three years