New launches in the Vietnamese city of Ho Chi Minh City grew by more than 100 percent year-on-year, according to new research from real estate agency Savills published in its latest Market Briefs report.
The agency reported there were 11,800 new units launched from 17 new and seven existing projects, increasing 20 percent quarter-on-quarter and more by than 100 percent Y-o-Y.
This, Savills reported, was the largest new supply by quarter over past five years.
Total primary stock in the city rose to nearly 37,200 units, increasing 20 percent Q-o-Q and by an amazing 101 percent Y-o-Y.
Total sales amounted to nearly 7,700 units, up by 47 percent Q-o-Q and 86 percent Y-o-Y. Absorption rates were noted at 21 percent, up 4 percent Q-o-Q but down 1 percent Y-o-Y due to abundant new supply this year.
Both Grade ‘A’ and ‘B’ properties reached their highest sales level during the last five years, while Grade ‘C’ sales remained stable, accounting for 37 percent of total transactions.
Savills concluded by noting that projects with good locations, investment opportunities, near developed infrastructure and comprehensive urban planning were attracting buyers’ attention.
Image: The Ascent in HCMC, being marketed by Savills.
