Savills Vietnam has just released a report on the Ho Chi Minh City real estate market in the third quarter of 2023. Accordingly, the villa and townhouse market continues to have no new supply. This has led to the primary supply of the villa and townhouse segment reaching its lowest level in the past 10 years with 766 units, down 24% quarter-on-quarter and 5% year-on-year.
Villas and townhouses in Ho Chi Minh City have the quietest transactions in many years. (Photo: Thanh Vu)
According to Savills Vietnam, the supply of primary villas and townhouses in Thu Duc City accounts for 88% of the entire market in Ho Chi Minh City. Houses priced above VND30 billion account for 78% of the supply and are mainly in Thu Duc.
However, in the third quarter of 2023, the number of villas and townhouses successfully traded only reached 64 units, the lowest transaction volume since 2018, down 82% compared to the same period in 2022. The absorption rate of villas and townhouses only reached 8%, down 36% compared to the same period last year.
Ms. Huynh Thi Huong Giang, Deputy Director of Research and Data Science Application Consulting - Savills Vietnam, said that in the face of the difficult market situation, investors continue to be cautious and even stop selling. Enterprises limit marketing activities and delay plans to launch new projects until next year.
“ Some developers continue to apply diverse sales and lending policies as well as rental commitment policies to attract buyers,” said Ms. Giang.
According to Ms. Giang, in the fourth quarter of 2023, the Ho Chi Minh City market is expected to have about 200 new villas and townhouses for sale. By 2026, the Ho Chi Minh City market is expected to welcome an additional 4,600 villas and townhouses for sale as well as many key infrastructure projects being completed.
DAI VIET
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