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Ho Chi Minh City: ‘Hot’ housing demand, supply is short of breath

Waking up after the “new normal”, the real estate market in Ho Chi Minh City recorded a sudden high demand for buying and renting houses. However, it is not easy to find a satisfactory place when the land fund in the inner city is increasingly scarce.

Housing demand is always “hot”

In Ho Chi Minh City, data shows that about half a million households are homeless or have to live with relatives, accounting for nearly a quarter of the total number of households. Therefore, the demand for housing/rental houses is very large and constantly increasing, with the number of additional 200,000 households each year, mainly mechanical increase.

Ho Chi Minh City: 'Hot' housing demand, supply is short of breath
Ho Chi Minh City’s population increases continuously, housing demand always exceeds the threshold – Photo propzy.vn

The market report of February 2022, recently published by Batdongsan.com.vn, shows that the number of apartments for sale tends to decrease compared to the previous month, but the demand for buying in this segment will increase sharply until 22% in the context of the market facing many challenges from rising inflation.

According to Batdongsan.com.vn, in early 2022, the demand for apartments in Ho Chi Minh City increased dramatically compared to the same period last year. However, in the opposite situation, the number of listings for rent decreased by 11% over the same period due to a shortage of apartment supply.

Mr. Dinh Minh Tuan – South region director of Batdongsan.com.vn said: “After a long period of being affected by the epidemic, the segment of apartments for rent gradually regained customers from young households and professionals. With the reopening of international routes and increasing investment sentiment, the apartment rental market is expected to fully recover by 2023.”

“Headache” to solve the housing problem

According to the survey “Real estate buying and selling trends in 2022 and consumer sentiment index” published by Batdongsan, up to 92% of Vietnamese intend to buy a property in the future. In which, 45% of the respondents are looking for real estate in Ho Chi Minh City.

As the economic locomotive, Ho Chi Minh City has the largest population in the country, and in the 200,000 population that grows each year, two-thirds of that number comes from migrants. According to the law of “water flows to the lowlands”, big cities always have great attraction to attract migration flows to find opportunities to study, work, etc. This promotes the demand for houses and rented houses also increases. regularly every year. Meanwhile, the annual growth rate of residential and specialized land is only about 1%. Land fund is becoming increasingly scarce, which is the main reason why the supply has not kept pace with the sustainable demand of the market.

Ho Chi Minh City: ‘Hot’ housing demand, supply is short of breath
A 36-hectare green park in the Vinhomes Grand Park urban area

The supply-demand mismatch has created a positive push for real estate purchasing power, for example, the absorption rate of apartment products will reach 81% in 2021, according to an overview report of Savills Vietnam. The survey shows that the line of apartments in urban areas and mega-urban areas is the most interested and studied, especially those that already exist and have high-class utilities and landscapes, for example, urban areas. Vinhomes Grand Park market.

The attraction of Vinhomes Grand Park comes from the fully equipped housing ecosystem, also known as the pioneering “all in one” urban area in Ho Chi Minh City. Thu Duc. With a scale of up to 272ha and an impressive chain of utilities, Vinhomes Grand Park is becoming the new CBD (administrative – commercial center) of the city. Thu Duc and contribute to improving the quality of life for the whole city of Thu Duc. In the current situation of limited land fund, the green area is gradually concreting, nearly 80% of the landscape and utility area of ​​this urban area is really rare and has won a lot of attention from the market. In particular, Vinhomes Grand Park is about to launch a new subdivision with a bold and vibrant American West Coast landscape, promising to become the center of modern and comfortable living for residents in the future.

The Dinh

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