Budget apartments attract buyers Manh Tung By Manh Tung - The Saigon Times Daily HCMC – Real estate firms and investors are focusing more on low-cost housing projects to boost consumption this year, as budget condos prove more attractive to buyers. The First Home as a joint project between Gia Phu Cooperative and National Housing Organization Joint Stock Company (NHO) is being given a push to meet the strong demand of homebuyers. Le Thi Hoa Duong, marketing manager of First Home, or Thanh Loc condo project in HCMC’s District 12, said 496 low-cost condos of the project have been all ordered since May. With construction started last November, First Home with 14 stories aims to supply condos measured from 42.5 to 61 square meters each at VND386-600 million a unit. NHO recently announced its plan to spend some US$1 billion building 14 housing projects resembling First Home in HCMC, Hanoi, Danang, Binh Duong and An Giang with 25,000 condos in total. Duong said low-income … [Read more...] about Budget apartments attract buyers
National house buyers association
The Hanoitimes - High prices and complicated procedures are two main factors that hinder Viet Kieu (overseas Vietnamese) plans to buy houses in Vietnam. When the Government allowed Viet Kieu to purchase houses in Vietnam, real estate investors rejoiced.They hoped to earn tons from selling houses to Viet Kieu. Now, very few houses have been sold, even though a series of high-end real estate projects have been launched. Real estate agents report that many Viet Kieu come to explore procedures for buying houses. After investigating the market, many give up their plans because of overly high prices. Vinh Nghiem, a Viet Kieu in the US, really wants to return to Vietnam, but he still must consider whether or not to purchase a house since they are so expensive. A real estate developer, who asks to remain anonymous, explained that many Viet Kieu also have financial problems. Owning houses in Vietnam is just a third or even fourth priority for Viet Kieu, especially when they have to spend a … [Read more...] about Where are Viet Kieu house-buyers?
Nhan Dan - The number one goal of the Central Steering Committee on housing policy and the real estate market is to perfect policies on real estate sector, promote the development of advisory professional associations and make sound recommendations for improvement. Deputy Prime Minister Hoang Trung Hai cum Head of the Steering Committee made this remark at a meeting in Hanoi on February 22. According to the Deputy PM, state intervention in the industry and the legal documents are of great importance as they directly impact the market but a balance has to be stricken with leadership by professional associations to avoid the pitfalls of overregulation by the state and attract private investment in the industry. Along with the completion of legal documents, he asked the Steering Committee to establish interdisciplinary inspection teams to implement appropriate and sound solutions to improve the specific housing development programmes. The real estate market showed positive signs … [Read more...] about Policies on housing and real estate market need improvement
Speculative trading is widespread in the real estate sector and it's necessary to ensure bank credit is not just benefiting speculators, Minister of Construction Nguyen Hong Quan said. The market is facing many problems, with prices staying high and speculative activities hard to control, Quan said at a meeting of the Vietnam National Real Estate Association in Hanoi Saturday. "Capital is a long-term issue for the real estate market. I think we have to manage capital flows to balance funding for both the demand and supply sides and restrict lending to speculators," he said. According to a report released by the National Real Estate Association, Vietnam's property market is still in its infancy and thus there is a large gap between supply and demand. While many apartment projects are left unoccupied, a large number of working families cannot afford to buy a home. In addition, the market has not been accompanied by a strong financial system, heavily depending on bank loans … [Read more...] about Housing speculation rampant in Vietnam: official
The Ministry of Construction will launch an overall inspection at real estate firms in 10 provinces and cities nationwide next month due to staggering statistics on unsold housing stock in Vietnam’s two biggest cities. Photo: Tuoi Tre The inspection aims at classifying and gathering data on both ongoing and suspended realty projects, the national broadcaster Vietnam Television (VTV) quoted Deputy Minister of Construction Nguyen Tran Nam as saying. The outcome will help the ministry gain a clear picture on what projects should get funding to continue and what should be changed in purpose and scale to fit with local realty growing maps, he added. Recent statistics show that the amount of unsold apartments in Hanoi and Ho Chi Minh City has reached some 60,000 units. According to figures from a realty consultant, Hanoi is now holding about 40,000 apartments in stock, while the number is 20,000 apartments in HCMC. Vu Dinh Anh, an economic expert, said that if it is … [Read more...] about Staggering housing inventory draws ministry into inspections