Friday , July 19 2024

Affordable apartment supply returns to HCMC

Affordable apartments, priced at VND20-40 million (US$850-1,700) per square meter, are making a comeback in Ho Chi Minh City after disappearing for several years.

Of five recent developments that are licensed to sell a total of 7,199 apartments, 1,515 (or 21%) are priced at VND20-40 million per square meter, according to the city Department of Construction.

In the first quarter last year none had been available in Vietnam’s biggest city.

Data from the Ho Chi Minh City Real Estate Association (HoREA) shows that in 2021 no apartment out of the 14,443 units available for purchase was priced at under VND30 million per square meter.

The high-end segment accounted for nearly 74%.

Property consultancy Savills Vietnam said in the first quarter of this year over 1,600 apartments have been in the C, or affordable, segment.

Property consultancy DKRA Group said the A segment (high-end) no longer dominates supply and has been replaced by the B segment (medium), which accounts for 56%.

This indicates property developers are focusing on areas where there is actual demand.

HoREA has said the shortage of affordable apartments in HCMC is severe.

There is large demand for home ownership among low-income but apartment prices remain out of their reach, it said.

With the government unveiling a VND120-trillion credit package for affordable housing, the market is expected to see more C-segment units starting this year, it added.

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