Vietnam Property Market to Recover in 2010-2011
Local real estate market will recover in the 2010-2011 period, according to a report titled “Vietnam Property 2009, with a view to 2010” released by the Vietnam Report Joint Stock Company on September 22.
The report was based on surveys of 500 customers and individual investors, 35 businesses operating in the field of property and direct interviews with some leading experts in Hanoi and Ho Chi Minh City.
Surveys showed that turnarounds of the local property market in 2009 or 2010 will be impossible, but the market will increase sharply and will be stable from 2011.
Nearly 57% of enterprises surveyed predict that property prices in big cities will remain unchanged from current levels and nearly 43% think prices will go up next year. No one predicts falling prices.
For the Hanoi market, 43% say realty supply will surge while the rest say it will increase slightly. The corresponding figures for the HCM City market are 28.6% and 71.4% respectively.
Around 72% of the enterprises say the condo and luxury apartment market segments will remain unchanged and 14% think the segment will boom in the coming time.
The report also said that 61.5% of the respondents say they will buy real estate for family accommodation, 27% indicate they have long-term investment intention and 11.5 % indicate they will make short-term investment in the market.
However, some experts say medium-price condo projects will increase slightly due to urbanization and urban expansion. The office segment is predicted to decline. (Vietnam Economic Times)
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