Weekly Vietnam Property News (11 – 17/10/2020)
Property News: Infrastructure works are expected to change the face of the East of Ho Chi Minh City
Regarding the reason for the merger, the city thinks that this place has a lot of potentials to develop into a creative, high-interaction urban area, such as a High-tech park (the period 2010-2020 attracts more than $ 7 billion in investment. and exports 77 billion USD); Eastern university cluster of the city (more than 100,000 students, 2,000 lecturers with doctoral degrees); ring road 3; Metro No. 1, Thu Thiem new urban area – is planned to be the future financial center; Cat Lai container port is the country’s largest.
The new city is expected to contribute about 30% of HCMC’s GRDP (gross domestic product) and about 7% of the country’s GDP (gross domestic product). It is also the “nucleus” that promotes the economic growth of Ho Chi Minh City and the Southern key economic region in the context of the fourth industrial revolution.
Currently, a series of national key projects are being implemented and preparing for synchronous investment such as: expanding Ho Chi Minh City – Long Thanh – Dau Giay expressway, Ben Luc – Long Thanh expressway, Expressways Dau Giay – Phan Thiet, Dau Giay – Lien Khuong … Especially the Long Thanh international airport will create asynchronous, complete and modern transport infrastructure system of the province and the region.
Property News: HCMC: Supply is scarce when demand is very high
Market observations show that in Ho Chi Minh City, two areas that are witnessing strong absorption rates of the apartment segment are the East and the Northwest. In particular, the price of apartments in the East is supported by information on a new city, while the Northwest region is attracted to customers to buy by a series of key transport projects that have just been completed.
Recently, in the northwestern area of Ho Chi Minh City, the An Suong tunnel was inaugurated, the last item of an important intersection An Suong at the Northwest gateway of Ho Chi Minh City. Along with this intersection, An Phu bridge, northeast of the Saigon River, connecting District 12 with Go Vap or the Vam Thuat bridge project connecting District 12 with Binh Thanh has also been put into use. According to experts, if Ho Chi Minh City adopts a strategy to stretch the population to the suburbs, District 12 will be an area with great potential to accelerate in 2020.
Property News: Activated infrastructure makes Thu Duc city real estate become vibrant
The positive information from the establishment of Thu Duc is having a great impact on the real estate market, attracting the attention of businesses. This contributes to making the real estate market in Thu Duc city and neighboring areas already very active thanks to its prime location and now becoming even more attractive.
This is also the most dynamic and developed economic region in the country with hundreds of leading large industrial zones gathered here. At the same time, it is the association with international maritime routes such as the mouth of the Saigon River, Dong Nai, Thi Vai, and Seaport Cluster V, accounting for more than 50% of the country’s seaborne import and export volume.
It is a high-tech park – SHTP (District 9), 913ha wide, is now filled up about 90% with 156 investment projects in the technology sector, with a total investment of about 7.1 billion USD. This place also has the National University of Ho Chi Minh City with an area of about 643 hectares, with more than 10,000 lecturers and about 100,000 students. These main axes will create a city of Thu Duc which is a smart, creative, and highly interactive city.
Real estate retail is expected to recover significantly in the first quarter of 2021
Despite the slow recovery of retail property in the last quarter of the year, substantial recovery is expected from 2021.
The prospects of landlords and tenants improve as deterrent measures are eased. Shopper traffic is slowly recovering but still low. Notably, inquiries mainly come from existing food and beverage businesses expanding from Ho Chi Minh City to Hanoi. New foreign retailers are postponing entries.
Housing prices keep rising in HCM City
The prices of properties in Ho Chi Minh City increased by 15 percent in the third quarter
The luxury segment saw prices increase 14.7% YoY and 3.1% QoQ to $ 5,337 per sqm.
The second wave of COVID-19 played an important role in the market, removing short-term speculators with limited capital from the real estate market.
Real estate with prices under $ 450,000 attracts a lot of attention by people buying for rent or to increase its value in the future.
Compiled from many sources by LOOKOFFICE
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