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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.
Property prices surge in 2020 despite pandemic
By Trung Tin, Dat Nguyen December 30, 2020 | 04:03 pm GMT+7
Buildings in District 1, Ho Chi Minh City. Photo by VnExpress/Quynh Tran.
Property prices have been soaring in Hanoi and HCMC this year despite the economic downturn caused by the Covid-19 pandemic.
Apartment prices in Thu Duc City, a new urban area in eastern HCMC, are at an unprecedented VND60-90 million ($2,600-3,900) per square meter in the premium segment as the creation of the new city pushes up demand.
In the affordable segment, prices have risen by 20-40 percent to VND30-35 million as the new city is expected to usher in administrative reforms and growth.