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Excitement surrounds mid-range apartments

Released at: 09:49, 19/06/2015

Excitement surrounds mid-range apartments

Greatly increased activity in segment a reflection of recovery in the real estate market.

by Nguyen Quynh

The Vietnam Real Estate Association (VNREA) has announced that the real estate market in May was particularly vibrant in the mid-range apartment segment.

According to VNREA, along with a stabilizing macro-economic situation and signs of increased prosperity, the real estate market last moved in a positive direction, especially mid-range apartments.

Many apartment projects at mid prices are being implemented quickly and have received a great deal of customer attention. Some attracted hundreds of customers on the first day of sales, such as Goldmark City, the Trang An Complex, and the VOV Condominium Complex, which have prices of approximately VND1.3 billion ($59,800) to VND3 billion ($138,000) per unit.

Mr. Vu Cuong Quyet, General Director of the property services firm Dat Xanh Mien Bac, was quoted as saying that projects like ECO Green City sold more than 200 units on the first day of sales, Goldmark City saw 1,000 apartments sold, and Park Hill Times City project sold 1,500 apartments with three months of sales opening.

The excitement in the mid-range apartment segment partly reflects the recovery of the real estate market.

VNREA also showed that, in May, Hanoi saw good liquidity, with 1,650 successful transactions, up 5 per cent compared with April, and the figure is expected to reach 1,750 this month. The capital should therefore record some 7,500 successful transactions for the first half, a 2.5-fold increase against the first half of 2014.

In Ho Chi Minh City, meanwhile, there were more than 1,600 successful transactions in May, nearly 6 per cent higher than in April. June numbers are estimated at 1,700. If such estimates are accurate then transactions in the first half should reach 7,050, for a 2.8-fold increase year-on-year.

Previously, the Housing and Real Estate Market Management Department under the Ministry of Construction estimated that there would be 14,000 successful real estate transactions around the country during the first half of the year.

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