New apartment sales in HCMC plunged to their lowest levels this year as investors became wary of the market volatility and banks tightened credit. - VnExpress International
Predominance of luxury housing sparks doubts about sustainability
By Trung Tin May 5, 2021 | 09:00 pm GMT+7
An artist’s impression of a luxury apartment project in District 1, Ho Chi Minh City. Photo courtesy of Keenland.
An increase in the number of luxury apartments this year has sparked fears of oversupply and market unsustainability.
The luxury segment accounted for 39 percent of total apartment supply in HCMC in the first quarter, and the high-end segment for 20 percent, according to data from real estate consultancy CBRE.
Even half a decade ago luxury housing had accounted for a mere 1-2 percent of the market.
The first quarter also saw the highest ever price for an apartment of $18,000 per square meter and the emergence of branded residences or luxury apartments associated with international management brands.