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Real estate association claims HCM City won’t face real estate bubble

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The Ho Chi Minh City Real Estate Association (HoREA) predicted stable development for the city real estate sector and claimed that there would not be a real estate bubble in 2018.

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According to the HoREA, the real estate sector development will continue to be stable and positive. From 2018 to 2020, there will be an adjustment to balance supply and demand. Affordable housings with prices around VND1bn (USD44,000) per apartment still have the most buyers.

It also predicts cheaper high-end housing in order to attract more customers and more land sales. However, disputes at apartment buildings will become more common and need to be addressed.

FDI and overseas remittance will remain important sources of capital. 

Firms can find various opportunities in HCM City as a number of infrastructure projects are being planned or carried out such as the metro lines, new buses, waterway public transport and the upgrade of Tan Son Nhat Airport.

HCM City authorities are considering converting a third of the city’s agricultural land into industrial and urban areas.

Moreover, HCM City has eyed USD9,800 per capita income goal by 2020. With higher incomes and young population, demand for better housings and online transactions.

The HoREA claim a real estate bubble could not happen in 2018 thanks to timely interference from the state and investment restructuring at firms. They suggested that after several bubbles and crashes investors, banks and customers have become less bad at reading the market.

 

Source: Dtinews

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