Housing demand remains high in Ho Chi Minh City despite impact of the COVID-19 pandemic, according to US-based real estate and investment management services firm Jones Lang LaSalle (JLL).
The total number of the units sold in the country's biggest city in the second quarter of this year doubled that of the previous quarter, amounting to 569, 65% of which came from Manhattan townhouses at Vinhomes Grand Park.
The property primary price during the period climbed to a new record high, at US$5,277 per sqm, up 35.9% year-on-year and 5.2% quarter-on-quarter, largely owing to the fact that newly-launched units were offered at higher prices than the average, reflecting developers’ confidence over high demand and supply shortage.
Supply of terraced houses continued to be limited in the second quarter as the new launches were less than twice the quarterly average between 2017 and 2018. But it was a positive sign when they increased by 37% from the first quarter.
The JLL estimates about 1,500 – 2,000 terraced houses will be launched in Vietnam’s southern hub in the next six months of the year, raising the total supply to 2,500 – 3,000, doubling the 2019 figure.