HCM City builds 8m sqm of housing this year

Housing schemes totalling over eight million square meters will be developed this year, reported the HCM City Department of Construction in a meeting on housing policy and realty market with the city’s authority.
There were more than six million square metre housing projects to be constructed in January-September in HCM City, taking the total area per person in the city to over 15 square meters, according to Nguyen Van Danh, deputy director of the city’s construction department.

The whole city has 13 projects with 4,135 condos completed and put into use during the last nine months, said the Steering Committee for Housing and Real Estate Market Policy.

The low-cost housing segment accounts for the highest proportion of 37.17 percent with 1,537 apartments and the high-end sector makes up around 33 percent with 1,363 condos, noted the committee.

The committee added that housing demand increased by 30 percent but the successive transactions fell by over 36 percent in the first quarter this year. Meanwhile, the second quarter recorded a remarkable tumble in demand and in the number of successive transactions alike.

Current financial constraints and expectations for cheaper prices among homebuyers are attributed to the bad performance.
Saigon Times Daily

Tags: Vietnam Property market, Vietnam property sector, vietnam real estate market

Posted by VBN on Oct 19 2011. Filed under Real Estate. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry