Vietnam Real Estate News

Boom in medium, low-cost apartments   2010-01-17 - VNS

Construction of apartment blocks are nearly finished at An Phu Ward, District 2, HCM City. Property investors are pouring money into low-and medium-priced apartments.

"The buyers are the main factor affecting the apartment segment, and investors are trending toward buying low-and medium – priced apartments that have a more normal income level," said Pham Thanh Hung, deputy general director of The Ky (Century) Joint-Stock Company.

More purchasing power was available for low – and medium-priced apartments in late 2009, and has continued this year.

By the end of January, all of the Belleza Phu My apartments in District 7 will come onto the market at a rate of VND17-18.5 million per square metre, according to Belleza Phu My’s co-investor Sacomreal.

Binh Tan District’s Le Thanh apartment sells for one square metre at VND10.9 million; Tan Phu District’s 584 Lilama SHB at VND13-13.9 million; District 7’s Ngoc Lan at 15.7 million; and Thu Duc District’s Newtown Apartment at VND13.0-16 million.

A study conducted by VietRees shows that ongoing projects would provide 8,500 apartments this year and another 10,000-15,000 in 2011, with the number of low – and medium-priced apartments at least four times higher than in 2008.

Most investors are optimistic about the low-and medium-priced apartment segment over the next two years, saying that estimated demand could increase to a further 75,000 within that time.

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