Ho Chi Minh City has only 2 newly licensed real estate projects, 5 low-income housing projects implemented and a backlog of more than 100 projects that are "entangled" with legal issues waiting to be removed.
(Thu Thiem township, HCMC)
According to the People's Committee of Ho Chi Minh City, in the third quarter of 2022, there were only 2 newly licensed projects in the area with a scale of 2,057 units; The City Department of Construction also confirmed that only 4 projects with future housing products were confirmed to be eligible for capital mobilization, with a total of 2,144 units (down 200% of the number of projects compared to Q2) and 5 low-income housing projects in urban areas are being implemented with a scale of 3,367 units.
Mr. Le Hoang Chau - Chairman of Ho Chi Minh City Real Estate Association (HoREA) also informed about 100 projects that are "encumbered" by law that need to be removed by competent authorities.
In addition, our statistics also show that housing supply has decreased continuously from 2018 to now. Compared to 2017 when the real estate market in Ho Chi Minh City had the highest supply with 42,991 houses, the supply in 2018 was only 65.8%; in 2019 was only 53.6%; in 2020 is only 39.2%; in 2021 is only 33.6% compared to 2017. In the first 6 months of 2022, the supply was only 9,456 houses, equal to 44% compared to the same period in 2017.
All the above problems are the cause of the congested real estate market, projects lying dormant, businesses falling into difficulties, increasing house prices making it increasingly difficult for people with housing needs to reach.
SaoKhue Investment & Trade Promotion Corp