The apartment market in Ho Chi Minh City in the second quarter of 2024 is also not out of the upward price trend. According to surveys by a number of market research organizations, the price fluctuation of apartments for sale in Ho Chi Minh City in the mid-end segment (price 35-55 million VND/m2) increased by 2%; High-end (price over 55 million VND/m2) increases by 5% over the same period in 2023.
At the same time, the selling price of used apartment projects in Ho Chi Minh City also tends to increase, especially in the inner city area. According to a survey by Lao Dong Newspaper reporters, some apartment projects such as City Garden apartment building (Binh Thanh district) for sale average 85 million VND/m2, an increase of 18% over the same period last year; Antonia projects (District 7) and Masteri Thao Dien (Thu Duc City) increased by 11% and 10% respectively; Eco Green Saigon project (District 7) increased about 6.8% (to 61.1 million VND/m2), Jamona Heights (District 7) increased about 5.9% (to 42.6 million VND/m2 )…
The price of the project launched later is higher than the previous project and maintains an increasing momentum in both the primary and secondary markets. This reflects the limited supply of housing products on the market and the potential for price increases in the project's location or area in the future. And that's why today, even though loan interest rates are low, people in need are still hesitant to borrow because house prices are too high compared to income.
Bank credit capital into the real estate sector is still quite slow although it has been more positive in the first half of this year. Many banks said that housing credit is difficult to increase, even though the interest rate drops to only 5-6%/year for the first 6 months or year, then adds a margin of 3.5-4.5%/year.
According to statistical data of the State Bank in the first 6 months of 2024, real estate consumer credit only increased by 1.2%, showing that although banks promote preferential home loans, people still cautious mentality in borrowing capital.
Even with the 120,000 billion VND credit package for social housing loans, according to statistics from the State Bank as of early July 2024, the disbursement rate has only reached 1%. Of which, the amount disbursed to investors is about 1,202 billion VND in 12 projects, while home buyers only borrow 32 billion VND in 5 projects. The reason for the low disbursement rate for individual customers is because the home buying conditions are still strict, not many households are qualified to borrow to buy a home.
Dr. Nguyen Duy Phuong - Investment Director of DG Capital - said that currently the ratio of housing prices to income of Vietnamese people has increased and is at a quite high level compared to developed countries, even compared to developing countries. develop. Although home loan interest rates have decreased significantly over the past year, house prices are still at a high level and there are not many signs of positive changes, so even if there is a need for personal housing, it is still difficult to borrow money to buy a house.
"With new policies, especially the 3 Laws on real estate including Land Law 2024, Housing Law 2023, Real Estate Business Law 2023 effective from August 1, it is expected to create momentum for growth. supply. At the same time, low lending interest rates will stimulate loan demand from real estate businesses as well as investors and home buyers... This is the foundation for real estate credit forecasting. Real estate and construction will also continue to increase rapidly in the coming time" - Dr. Nguyen Duy Phuong stated his opinion.
