Property market seen undergoing drastic change

Property market seen undergoing drastic change

Cao Ban

HCMC – The HCMC Real Estate Association (HoREA) has forecast there will be a drastic shift in the property market in the 2016-2020 period with demand for small and medium houses for low-income people to surge and supply of high-end apartments to outstrip demand.

The real estate market in HCMC and Vietnam as a whole was opened up in 1987 and officially took shape in 1993 when the National Assembly passed the first law on land use and an ordinance on homeownership.

The market development depends on five factors, namely the law of value, competition, supply and demand, government policies and mechanisms, and investment and business activities of enterprises.

The property market expanded significantly in 1993, 2001, 2002 and the second half of 2010. But it became frozen from 1995 to 1999, from early 2008 to mid-2009 and in the 2011-2013 period but then recovered robustly in the 2003-2006 period, and from 2009 to mid-2010. Since 2013, the market has remained buoyant.

The real estate market in HCMC registered positive growth in the 2006-2015 period despite woes.

Since 2016 the market has shown signs of slowing down, especially in the high-end housing and tourism property segments. However, the market fundamentals have stayed solid given strong demand.



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