Hanoi (VNA) ꦏ– Savills Vietnam, the largest property company in the country, forecasts that the real estate market will be on the upswing in 2016, thanks to improved economic conditions, monetary policies and international trade agreements.
Savills Hanoi Director Matthew Powell said the investors have paid attention to property products’ designs, landscapes, amenities and management services, which helps increase the number of high-quality projects and enhance customers’ faith.
The Savills Property Price Index (SPPI) showed that the absorption rate for real estate commodities in Hanoi was 40 percent in the first quarter, 2 percentage points over the same period last year. Some 6,440 apartments were sold at the end of 2015, a year-on-year increase of 86 percent due to improvement in buyers’ confidence.
Savills experts said rapid urbanisation and decrease in family size will boost demand for real estate products in Vietnam in 2016. While economic fluctuation can pose risks in the short term, in the long term housing demand of the middle-income group is expected to rise.
A line of high-end property products will be released for sales in the coming time, thanks to real estate commodities’ abundant supply and high absorption rates.
Prominent projects in Hanoi include Watermark Apartment Hanoi on Lac Long Quan Street west of West Lake and the Green Pearl complex on Minh Khai Street .
Meanwhile, in the central region numerous resorts and residential real estate projects have cropped up. Ocean Apartments was built within Da Nang Beach Resort complex on Son Tra Dien Ngoc Street and Naman Residence was built on Truong Sa Road in Da Nang. Laguana Lang Co in Thua Thien-Hue is the largest luxury integrated beach resort in the region.-VNA
The cost of building houses is expected to increase due to the recent rise in steel prices, which will in turn likely cause a spike in home purchase prices.
The Ministry of Construction has asked the State Bank of Vietnam (SBV) to extend the terms of the government’s 30 trillion VND (1.3 billion USD) property support package.
Experts have said it is necessary for the real estate sector to find stable financial sources to ensure adequate housing supply as demand was anticipated to pick up rapidly.
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Model of a top-notch condominium (Photo: VNA)
