The report of DKRA Real Estate Services Group (DKRA Group) on "Ho Chi Minh City and surrounding areas' residential real estate market in the fourth quarter of 2023" shows that the market has a slight increase in supply and consumption compared to the previous quarter in some segments.
In particular, new supply and consumption were mainly concentrated in the Dong Nai market. For the first time, Ho Chi Minh City did not have any new supply for sale in the quarter.
The opening of highways will create conditions for real estate development (illustrative photo)
The research report of Dat Xanh Real Estate Research Institute (Dat Xanh - FERI) on the Southern real estate market, mainly Ho Chi Minh City and neighboring provinces, also shows that this is still the leading region in primary supply in the first 9 months of 2023. Apartment supply in Ho Chi Minh City and Binh Duong accounts for 97.3% of the primary apartment basket and 65.7% of the region's general basket.
Specifically, in the third quarter of 2023, the number of new apartment supply in Ho Chi Minh City reached about 4,000 products, an increase of 74% compared to last year. The average selling price is from 60-80 million/ m2 , an increase of 2% - 3% compared to last year. Of which, the apartment absorption rate is about 22%.
The absorption rate calculated on the primary supply in the entire Ho Chi Minh City area and neighboring provinces is about 15-20%. In particular, the absorption rate in Ho Chi Minh City is higher than other neighboring provinces, estimated at an average of over 22%.
Regarding selling prices, according to Dat Xanh-FERI, satellite cities of Ho Chi Minh City such as Binh Duong, Dong Nai, Long An recorded stable selling prices, with average apartments ranging from 27-43 million/ m2; townhouses from 25-91 million/m2 . Particularly, the average selling price of villas was from 60-130 million/ m2 , an increase of 5%-8% compared to the previous quarter. The average selling price of shophouses also remained at 30-143 million/ m2 . Meanwhile, land plots did not increase, still fluctuating from 15-55 million/ m2 .
DKRA Group forecasts that the supply of land plots in the fourth quarter of 2023 may increase slightly compared to the third quarter of 2023, fluctuating at 350 - 420 plots, mainly concentrated in Dong Nai, Long An, and Binh Duong.
Mr. Vo Huynh Tuan Kiet, Marketing Director of Housing Department of CBRE Vietnam Company, said that the Government's policy of promoting public investment projects in the Southern region, especially the areas adjacent to Ho Chi Minh City, such as Long Thanh International Airport, Ring Road 3, Eastern Expressways and many other expressway projects in the Western region... to promote the economy. This is a very favorable condition for the real estate market in the region to develop accordingly.
Mr. Kiet gave an example of the projects being opened for sale in the Northern region that are currently quite far from the center thanks to the developed infrastructure system in these localities. Thus, in the Southern region with beltways and highways, the trend of building centrifugal cities will also be promoted. Because the investment costs are currently high, there is not much land left in the central area.
This is an opportunity for Dong Nai, Binh Duong, Long An, or the districts on the outskirts of Ho Chi Minh City such as Binh Chanh, Cu Chi. The beltway systems not only have a positive impact on Ho Chi Minh City but also the Dong Nai, Binh Duong, Long An areas, creating changes for the entire region. This explains why investors have recently been competing to build and open projects for sale in these localities.
In addition, the metro system has created a general appearance for the entire East of Ho Chi Minh City. Projects that have sprung up along the metro have seen very high price increases. In particular, there are projects that have increased by nearly 150%. In addition, there are many projects that have increased by 50% - 70%.
Source: https://nld.com.vn/kinh-te/chu-dau-tu-dua-nhau-lam-du-an-nha-o-tai-dong-nai-binh-duong-long-an-20231014101857137.htm
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