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Vietnam’s Top Property News – Week 25/2021

Posted by Khoi Pham on June 24, 2021

The top residential and commercial real estate news of the Week 25/2021 and property recommendations:

Information herein has been obtained from sources believed reliable, please analyze and use it at your own responsibility and independently confirm its accuracy and completeness.

NEW – Thao Dien Green (District 2, HCMC)

  • Developer: SIC Real Estate Investment Joint Stock Company
  • Location: Nguyen Van Huong Street, Thao Dien Ward, District 2, Ho Chi Minh City
  • Unit types: 1-Bedroom: 54.99 sqm & 61.36 sqm, 2-Bedroom: 83.51 sqm – 88.8 sqm, 3-Bedroom: 108.84 sqm – 130.39 sqm, Penthouse: 323.29 sqm – 400.71 sqm (Duplex)
  • Expected Completion: IV/2023
  • Soon receiving booking

NEW – Celesta Heights (Nha Be District, HCMC)

  • Developer: Keppel Land and Phu Long
  • Location: Nguyen Huu Tho, Nha Be, Ho Chi Minh City
  • Unit types: 1-Bedroom: 50m2, 2-Bedroom: 82-88m2, 3-Bedroom: 117m2
  • Price from 2,500USD/m2

HCMC can’t wait to see off Covid restrictions

The Covid-19 shutdowns have sent Saigon, “the city that never sleeps”, into a slumber and many of its residents into distress

The infection tally of Vietnam’s new Covid-19 wave rose to almost 9,000 on Friday morning with 81 new cases added and 60 of them are in HCMC.

Of the cases in the southern metropolis, 51 have had direct contact with previously confirmed cases, four linked to the church cluster emerging on May 26 in Go Vap District.

Since the new wave started on April 27, 8,995 community infections have been recorded in 40 cities and provinces, with Bac Giang and its neighbor Bac Ninh accounting for the highest cases, at 5,028 and 1,454, followed by HCMC with 1,257.

Source: VnExpress

Covid-19 vaccination sought for all Phu Quoc residents to reopen to foreign tourists

Tourists sunbathe on Khem Beach, Phu Quoc Island, 2019. Photo by Shutterstock/Jimmy Tran

Authorities in Kien Giang Province, home to Phu Quoc, are planning to vaccinate the island’s population against Covid-19 so that it can reopen its doors to foreigners.

Lam Minh Thanh, chairman of the province, said the island has got the green light from the Politburo to trial vaccine passports and so the government would be asked to prioritize vaccination for the 100,000 residents of Phu Quoc.

If everything goes well, the island could allow foreigners back in by September or October this year, he added.

Visitors to the island must be fully vaccinated, failing which they will be quarantined and only allowed to visit isolated resorts.

Vietnam’s largest island has become a top tourist destination after the government rolled out a 30-day visa-free policy for foreigners in 2014.

In 2019, the last year before the onset of the pandemic, it received over five million visitors, including 541,600 foreigners.

Kien Giang Province has been Covid-free during the ongoing fourth wave that began on April 27.

The Politburo, the main decision-making body of the Communist Party, last week called for trialing vaccine passports so that foreigners could visit some tourist destinations that have contained the pandemic like Phu Quoc Island.

Vietnam closed its borders and canceled all international flights in March last year. Only Vietnamese repatriates, foreign experts, diplomats, investors, and highly-skilled workers have been allowed since with stringent quarantine requirements.

Source: VnExpress

Real estate slows down

Liquidity of land plots, townhouses, villas and apartments all plummeted, capital flows slowed down, moving into landed properties for safety

Experts predict that the fourth wave of Covid-19 will make the real estate market differentiation stronger than previous ones with a rapid decrease and more likely to correct the investment cash flow into landed properties, higher than 2020.

Talking to VnExpress, Deputy Dean of the Faculty of International Business – Marketing, University of Economics, Ho Chi Minh City, Huynh Phuoc Nghia, assesses that the epidemic outbreak in late April and early May makes new launch projects continue to increase in price, whereas resell properties price drop sharply and reduces liquidity.

Nghia acknowledges that the apartment market in the southern provinces has shown signs of rapid decelerating in both supply and demand, when landed properties only attract long-term cash flow instead of medium-term. Real estate still has high growth in price, the group of landed properties and industrial parks can only accelerate in the last two quarters of the year if patients are gradually tested and vaccinated.

Mr. Nghia warns, the commercial real estate market (retail space) and office are standing in front of a nightmare due to the large-scale development of the epidemic spread. If the location was the priority before, in the stage of Covid restrictions, the competitive rental now is on the top. Client budget cuts to adapt to the Covid-19 and the rapid influx of telework could spur a dramatic shift to the outskirt of the CBD.

Meanwhile, Dr. Su Ngoc Khuong, Senior Director, Savills Vietnam, says that the macroeconomic picture and social activities in the first half of 2021 are quite heavy due to the epidemic situation. Despite the desire to aim at the dual goals of disease control and economic growth, the reality shows that Vietnam still faces many difficult problems.

Mr. Khuong assesses that, with the tight security situation, domestic and foreign investors do not have many convenient conditions in travel and trading, weakening the real estate market demand. Domestic investors are also in a cautious state when deciding to invest in real estate.

In the first 6 months of the year, the South market has limited supply. Many projects planned to launch this year due to the impact of the disease also have to adjust the implementation time. In the last 6 months of the year, the real estate market is warned to reduce the heat because the Vietnam economy is still struggling to bear the damage caused by the epidemic.

Mr. Khuong analyzes that the income regime of the majority of people at this time made the real estate market quiet due to the investment itself requires large fund. The majority of transactions during this time are long-term investors – those with money hoarding in banks or capital flows from various sources, will be the group of customers that will benefit from the rising trend of real estate. However, according to Mr. Khuong, this segment of investors still cannot represent the entire domestic real estate market.

Although struggling with many tests under the pressure of the epidemic, this according to experts is only a short-term pain of the domestic real estate market. Even with the recovery of the school scenario, the level of real estate absorption will not be as high as in previous years because homebuyers often have to use part of the bank loan. With the current situation, when many people are limited in income, lose their jobs or reduce their wages, there are not many sources of accumulation, the purchasing power in the market will be weaker than in previous years, mainly focusing on affordable housing at the outskirt.

In the resort real estate group, this is in the concern group in the last 6 months of the year, having been long affected by 4 epidemic waves so far, making this segment suffer the heaviest blow. The retail market, trade centers and supermarkets will also face great difficulties when competing with online sales methods and advanced technology platforms.

Mr. Khuong further warns, although the interest of domestic and foreign investors in Vietnamese real estate is still present, the market will still be limited in terms of travel, making investment in this field constrained. The return of Covid-19 in Vietnam as well as information problems have become an obstacle for investors to consider when they want to invest in Vietnam’s real estate.

Mr. Nguyen Loc Hanh, General Director of Ngoc Chau A Real Estate Investment Joint Stock Company, also says that the fourth wave of epidemic is changing the psychology of real estate buyers for both living and investment. People with long-term cash flow are mostly hesitant at this point. When going through the period of waiting and waiting, the market will have a shift in capital flows into the landed properties real estate group to find safe shelter channels. Townhouses and villas of great value may face slow liquidity problems, resort real estate will face the risk of short-term recovery and have to wait until the Covid-19 variable is under control, difficulties can be expected to ease.

Hanh assesses that the fourth epidemic is considered a long-term battle entering the fourth half, which can “beat” real estate businesses that are hungry for capital, inventory and bad debts. The market tends to decelerate significantly in the first 6 months of the year and is likely to continue the correcting trend in the last months of the year. Tactics of tight spending to overcome difficulties are likely to lead the real estate market for at least the next 3-6 months.

Source: VnExpress

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