HCMC apartment sales dry up on volatility, banks’ credit tightening

Only 819 units were sold in July, down from 1,995 in June and 5,928 in May, according to property consultancy DKRA Vietnam.

Liquidity has been falling since the middle of the last quarter, a VnExpress survey showed.

The developer of an apartment project in Thu Duc City said it started sales in May but wound it up quickly as demand was low.

Bookings for an apartment project in District 9 have fallen by over 50% since the beginning of this year, one of its brokers said.

A poll of 1,000 buyers by real estate portal Batdongsan.com found sentiments toward the property market turning pessimistic in the second half of the year.

The government’s policies are among the main factors driving sentiments down, with most respondents saying it is unclear what effects the new regulations would have on the market, it said.

Nguyen Loc Hanh, CEO of property developer Ngoc A Chau, said if the tightening of credit continues, the market would remain gloomy this year.