Only one apartment project approved in HCMC this year

By Anh Ky   March 31, 2024 | 12:47 am PT
Only one apartment project approved in HCMC this year
Properties in HCMC's western area of Binh Chanh District in October 2023. Photo by VnExpress/Quynh Tran
The Ho Chi Minh City Department of Construction has only licensed one apartment project so far this year.

It is a high-end apartment and commercial complex in District 5, Vu Anh Dung, deputy head of the Housing and Real Estate Market Development Agency under the city Department of Construction, said at a press conference Thursday.

New apartment supply is limited with only two projects approved in 2022-23 and one so far this year, he said.

No new projects received approved for sale though his department did receive two applications seeking permission to sell in the first two months of the year, but neither met the requirements, Dung said.

"There are housing products being introduced in the market, but these were approved for sale much earlier."

Legal hurdles are severely affecting housing supply, he said.

In recent years the department has seen many approved projects face legal issues related to land use, disqualifying them from selling, he said.

According to the HCMC Statistics Office, real estate services are showing signs of recovery.

Some real estate agencies have forecast that the housing market will see little affordable supply this year but the industrial land and office segments will improve.

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