Renewed demand sees apartment sales increase in HCMC

In the city’s west, a developer sold 35 apartments in just a week, as much as in a whole quarter last year.

A company executive, asking not to be identified, said: “This is a sign showing demand is rising day by day. It is far from returning to the 2021-2022 levels but still increases are expected in the remaining months this year.”

In the city’s east, a company recently sold nearly 90% of the 900 premium apartments it had built.

Some industry insiders said more customers have been making inquiries about apartments in the last two months, and around two or three of every 10 inquirers are making purchases.

In the first six months over 2,300 new apartments were launched, a 30% increase year-on-year, according to property brokerage Dat Xanh Services.

Almost half of them were sold, compared to 25% last year, it added.

Property listing platform Batdongsan’s data shows that the number of searches for HCMC apartments has risen by 52% since the beginning of the year.

Some new projects have seen 60-70% of their units being bought, it added.

Pham Anh Khoi, head of research at Dat Xanh Services, said developers have been launching new types of apartment products, and the number of customers visiting show apartments has surged five-fold and even 10-fold at some projects.

Economist Dinh The Hien said consumers are starting to increase their spending as the economy recovers, and many of them want for a house for occupation, not investment.

Trang Le, head of research and consulting at property consultancy JLL Vietnam, said 3,800 new premium apartments are set to enter the market from now through the end of this year at prices of around VND80 million (US$3,147) per square meter.