Saigon new condo supply lowest in 4 years

By Dat Nguyen   January 9, 2020 | 04:44 pm PT
Saigon new condo supply lowest in 4 years
Buildings in downtown Ho Chi Minh City. Photo by VnExpress/Quynh Tran.
Apartment prices surged in Saigon last year as new supply plunged to its lowest in four years due to delays in administrative procedures.

Supply was down 36 percent to 24,513 units, property firm DKRA Vietnam said in a report it released on Wednesday.

Property consultancy Jones Lang LaSalle (JLL) earlier said the dwindling supply pushed average prices in the fourth quarter by 78 percent year-on-year to a new peak of $2,889 per square meter.

Industry insiders repeatedly said in 2019 that conflicting provisions in the various laws regulating the sector have caused delays in permits for housing projects in the city.

Some 35,000 apartments are expected to enter the market this year, JLL forecast, though with the caveat that things are uncertain given the government’s lack of enthusiasm for granting land use rights or construction licenses.

Saigon's population is estimated at 13 million, including immigrants.

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