Friday , July 19 2024

HCMC house, villa supply, sales plummet as land availability shrinks

Sales of houses and villas in HCMC plunged by 67 percent last year to a four-year low of 1,000 with analysts attributing this to a growing focus on apartments.

According to real estate consultancy Savills Vietnam, 51 percent of houses and villas were priced at over VND18 billion ($792,400), up from 43 percent in 2020, showing increased demand for luxury properties.

Savills said supply of houses and villas fell by 65 percent to 1,200 units last year, the lowest in five years, and the situation is set to continue in the coming years as the city prioritizes apartment buildings due to dwindling land availability.

Districts 2, 9 and Binh Chanh will continue to be the main locations for development of houses and villas, it said.

HCMC is falling behind neighboring localities in the supply of houses and villas.

Dong Nai’s supply was 130 percent higher last year, and Binh Duong’s, 23 percent higher.

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