According to CBRE, Ho Chi Minh City has absorbed more than 2,000 unsold apartments from older projects in Q3, nearly double the amount from the previous quarter.
The market report for Q3 released by CBRE shows that most of the unsold condominium projects—those that were launched earlier but had remaining units—are seeing positive absorption rates. Over the first 9 months, the market has consumed nearly 3,700 unsold apartments from older projects.
Developers continue to apply various promotional policies to boost sales, such as discounts based on payment methods, flexible payment schedules, interest rate support, and rental guarantees. Some projects currently in the pre-booking phase have higher projected selling prices, prompting buyers to consider nearby projects with lower prices and similar quality, especially those with primary market inventory.
In addition to the positive absorption rate of unsold inventory, the reopening of old projects is also a positive signal for the market. By the end of Q3, projects that had previously been delayed due to legal issues, such as Gem Riverside (Thu Duc City) and The Forest Gem (Binh Thuan), are preparing to relaunch. Projects that have already resumed in this quarter, such as D-Homme (District 6), D-Aqua (District 8), and Lavida Plus (District 7), have adjusted their primary selling prices by an increase of 10-30% compared to earlier stages.
CBRE sees this as a positive signal regarding the progress of legal resolution for real estate projects in Ho Chi Minh City, despite the sharp decrease in the number of newly approved projects since 2019.
However, new supply is still at a record low. In the past quarter, only 127 new condominium units were launched, even fewer than new townhouses and villas, which totaled 132 units. All of the new supply came from subsequent phases of previously launched projects and are located in districts further from the city center.
Mr. Vo Huynh Tuan Kiet, Director of the Residential Project Marketing Department at CBRE, stated that many developers used Q3 to assess the situation and consider their next sales plans. In reality, Ho Chi Minh City is facing a supply shortage that cannot meet demand, causing prices to remain high, making it difficult for end-users to make decisions. However, developers still aim to sell at good prices to ensure high absorption rates. It is expected that new supply will truly return by at least Q4 or early next year.
CBRE predicts that in the last three months of the year, approximately 3,000 new apartments will be launched for sale, bringing the total number of new units to around 5,000 by the end of the year. However, the Ho Chi Minh City apartment market is expected to see a decline in supply compared to previous years, as many large projects have postponed their sales plans until 2025. Nevertheless, with legal issues being resolved for some projects, it is expected that next year the market will see around 10,000 new apartments launched, nearly double the number this year. In the meantime, in Q3, CBRE has recorded approximately 2,700 unsold apartments that have been pre-booked but not officially launched.
Regarding pricing, Ms. Pham Ngoc Thien Thanh, Deputy Director of Research and Consulting at CBRE, noted that apartment prices are unlikely to decrease. CBRE's survey shows that even older projects that are about to relaunch are seeing price increases of up to 30% compared to 2-5 years ago.
Recently, developers have had to allocate significant resources and time to restart their projects. Some projects, after resolving legal issues, have made major adjustments, leading to higher selling prices.
One of the most prominent and widely observed projects in Ho Chi Minh City today is Celadon City, particularly the Diamond Centery subdivision. This area has been completed and is ready to hand over apartments to residents, offering an ideal opportunity for both homebuyers and investors. With its luxurious design, green living space, and top-tier internal amenities, Diamond Centery is the perfect choice for those seeking to settle in Tan Phu District.
Not only does Diamond Centery benefit from a prime location in the heart of Celadon City, but it also enjoys superior amenities from the entire project's ecosystem, including a large shopping center, vast green parks, and a world-class international education system.
Moreover, with the project being completed and ready for handover, buyers need not worry about the construction delays often seen in other projects. The stability and growth potential of this area further contribute to the long-term investment value.
With the positive signals from the market and the readiness of projects like Diamond Centery, this is an ideal time for investors and homebuyers to consider acquiring a high-quality apartment in Ho Chi Minh City.
Source: VnExpress
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