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Residential - Ho Chi Minh City Marketbeat Q3 2022

Cushman & Wakefield’s latest MarketBeat report analyzes Q3 2022 economic and commercial real estate activity. 

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Despite the decline in global GDP growth forecasts, Vietnam is still receiving positive forecasts from domestic and international organizations. FDI inflows continued to be the bright spot while two important capital flows into real estate, namely bank credit and bonds were limited. 

Real estate continued to rank second in the list of industries attracting total FDI of over US$3.5 billion, accounting for 18.7% of total registered investment capital. This number nearly doubled compared to the same period last year (nearly US$1.8 billion).

Apartment market 

Credit control policies that took effect from the beginning of July this year have partly created barriers to mobilizing capital from commercial banks, making it difficult for investors to deploy new apartment projects. Thus, the supply of new apartments in Q3 fell by 56% QoQ, with about 4,100 units offered for sale. 

Credit control also made it difficult to disburse loans to customers, leading to sales and absorption rates decrease this quarter, with 4,150 units sold, down 54% QoQ. Market demand seems to slow down in July and August and start to recover from the beginning of September.

The average primary price this quarter was around US$2,799 per sqm, up 1% QoQ. According to Cushman & Wakefield’s estimation, there will be more than 4,100 new apartments for sale by the end of this year and the East and South areas will lead the market.

Townhouse market

The new supply of townhouses recorded nearly 450 units offered for sale from 6 projects, double that of the previous quarter and four times higher than Q3 2021.The total number of units sold is 270. Thu Duc city is still the leading area in terms of new supply with 86%, notable projects are Soho Residence, Rivus and Classia. The West and South areas of Ho Chi Minh City account for the remaining 14%.

The average primary price was recorded at US$12,300 per sqm of land, up 29.7 percent QoQ and nearly doubling YoY. Developers are now taking advantage of sales events and sales galleries to attract customers and directly present attractive offers. 

Cushman & Wakefield estimates the total future supply of townhouses in Ho Chi Minh City will reach 9,500 units, mainly located in the East and West areas. Notable projects in the implementation process include Global City, Solina Khang Dien, Zeitgeist Nha Be.


Download the report for more insights from our experts.


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