Saturday , September 30 2023

High-end segment dominated HCMC housing supply in 2021

Nearly 74 percent of HCMC’s housing supply last year was in the luxury and ultra luxury segments, according to the HCMC Real Estate Association.

It said 14,443 units were registered for sale last year, 10,404 in the high-end segment,

Supply of affordable apartments dried up completely for the first time since 2016.

The mid-priced segment accounted for the remaining 26 percent.

HoREA categorizes a residential property costing under VND25 million (US$1,100) per square meter as “affordable”, VND25-40 million as “mid-level” and over VND40 as “high-end”.

Social housing, which is below the affordable segment, was also scarce and met only a fraction of the demand.

HoREA said such a skew in supply is alarming, with the supply-demand mismatch distorting the market and making it unbalanced and unsustainable.

It also warned of the manipulated land “fever,” saying it has shown signs of returning in the first two months of this year.

It exhorted authorities to tighten policies and monitor the market closely to quickly crack down on people manipulating and taking advantage of the housing market.

It also called on them to develop more affordable and social housing to ensure social welfare and rebalance the market.

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