Ho Chi Minh real estate market reverses sharply in Q3-2016

Accordingly, in Q3, the market welcomes a total of 8,016 new apartments from 23 projects, including 13 brand new ones and 10 others with some previous sales phases.  

CBRE says the figure declines 17% quarter-on-quarter and down 27% year-on-year. New supply of the medium segment dominates the market with about 68% of total. The luxury segment takes the second place with 29%, with apartments mainly from projects Millenium in District 4 and Ha Do Centrosa in District 10.

Meanwhile, although stench from Da Phuoc landfill is stifling residents in Phu My Hung, this area continues to see a large number of apartments offered for sale from 7 projects, accounting for 44% of total new supply in the third quarter. CBRE said that South Saigon is the central point attracting both buyers and investors.

Even though the number of apartments launched is less than the figure
 of previous quarter, sales rises by 32%.

East Saigon ranks second with 24% of new apartments offered for sale during the quarter. Currently, new supply of the East mainly focuses in Binh Thanh District with outstanding projects of real estate giant Vingroup.

Reportedly, even though the number of apartments launched is less than the figure of previous quarter, sales rises by 32%, equivalent to 7811 units, a decrease of 2% year-on-year. 

The medium segment remains good performances with more than 4,000 apartments sold in the third quarter, making up over 50% of the total sales.

Regarding price, according to CBRE, market in the third quarter records average asking price of $2046/ sqm, up 2.1% quarter-on-quarter and 4.6% year-on-year. In particular, medium segment sees the highest price increase of 7% over the previous quarter. Besides, the newly-launched projects also record higher prices than the average price of Q2-2016.