Savills Vietnam has just released its Ho Chi Minh City real estate market report for Q3 2023. According to the report, the villa and townhouse market continues to see no new supply. This has led to the lowest primary supply in the villa and townhouse segment in the past 10 years, at 766 units, a decrease of 24% quarter-on-quarter and 5% year-on-year.
Transactions for villas and townhouses in Ho Chi Minh City have been the slowest in many years. (Photo: Thanh Vu)
According to Savills Vietnam, the supply of primary villas and townhouses in Thu Duc City accounts for 88% of the entire Ho Chi Minh City market. Houses priced above 30 billion VND account for 78% of the supply and are mainly located in Thu Duc.
However, in the third quarter of 2023, the number of villas and townhouses successfully transacted reached only 64 units, the lowest number since 2018, a decrease of 82% compared to the same period in 2022. The absorption rate for villas and townhouses was only 8%, a decrease of 36% compared to the same period last year.
According to Ms. Huynh Thi Huong Giang, Deputy Director of Data Science Research and Consulting at Savills Vietnam, in the face of a challenging market, developers continue to maintain a cautious attitude and some have even halted sales. Businesses are limiting marketing activities and postponing plans to launch new projects until next year.
" Some developers continue to apply diverse sales and lending policies, as well as lease-guarantee policies, to attract buyers," Ms. Giang said.
According to Ms. Giang, in the fourth quarter of 2023, the Ho Chi Minh City market is expected to see approximately 200 new villas and townhouses offered for sale. By 2026, the Ho Chi Minh City market is expected to welcome an additional 4,600 villas and townhouses for sale, as well as the completion of many key infrastructure projects.
DAI VIET
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