Wednesday,  Aug 15, 2018,06:14 (GMT+7) 0 0
Real estate market cools
The Saigon Times Daily
Thursday,  Jun 14, 2018,11:46 (GMT+7)

Real estate market cools

The Saigon Times Daily

HoREA says the property market showed signs of cooling in the first five months of 2018 - PHOTO: TL

HCMC - The property market showed signs of cooling in the first five months of the year, according to Thanh Nien newspaper, citing a report from the HCMC Real Estate Association (HoREA).

In the five-month period, 29 projects were introduced, marking a year-on-year decline of 9.4%. In addition, nearly 9,200 apartments were put up for sale, plunging 44.5% against the year-ago period.

However, the real estate market is expected to return to its regular growth path in the remaining months of the year, and a real estate bubble is unlikely, HoREA stated.

Land price manipulation and illegal land splits, seen in the outlying districts of HCMC since late last year, especially last month, have also been controlled. In addition, unusually sharp price rises only occurred in the land segment, not the apartment segment, which is considered the main segment of the property sector.

According to statistics from the HCMC Department of Planning and Investment, 16,500 enterprises were established in the first five months of the year with combined registered capital of nearly VND186 trillion (US$8.2 billion), up 6.5% in the number of enterprises but down 4% in capital year-on-year. Of the total, nearly 3,400 enterprises registered to operate in the property sector, accounting for 20.5%.

The first five months of the year saw foreign direct investment (FDI) enterprises pouring a total of $3.2 billion into HCMC, up 5.21% versus the year-ago period. The real estate sector attracted the third largest FDI in the period.

One- to two-bedroom apartments valued at some VND1 billion each will remain the main segment of the sector.

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