News Room - Business/Economics

Posted on 18 Aug 2008

City property market starts looking up (Vietnam)

Property prices in HCM City have recently gone up after several months of plummeting prices, according to several local trading and realty centers.

The Van Do Complex in District 4 is selling apartments for VND23-25 million (US$1,391-$1,512) per sq.m, up VND2-3 million ($121-$181.4) from the previous month.

New residential projects like the Him Lam-Kenh Te Building or others in the New Sai Gon will set customers back VND40-43 million ($2,420-2,601) per sq.m, up VND1-2 million ($60.5-$121), or VND20-21 million ($1,210-$1,270) per sq.m, respectively.

Costlier yet is buying property on main streets in rapidly urbanising District 2. Prices climbed from VND1-2.5 million to VND60-70 million ($3,630-$4,235) per sq.m on Luong Dinh Cua Street and to VND70-80 million ($4,235-$4,840) per sq.m on Tran Nao Street.

A District 2-based realty centre reported a 10 per cent increase in transactions over last month.

According to Sai Gon Thuong Tin Real Estate Company (Sacomreal), property transactions over the last two weeks increased dramatically, with 125 deals closed.

Most customers were intent on buying apartments in HCM City or land lots in Binh Duong Province.

However, several customers complained of a limited supply of houses worth VND1 billion ($60,496).

Several property experts noted housing demand is through the roof, as it were, but customers are careful not to make rash decisions when it comes to their dream homes.