Property prices in HCM City are continually rising due to a shortage of new projects. — VNS Photo Van Chau The prices of properties with land in HCM City increased by 15 per cent in the third quarter from the same period of last year due to lack of new supply, according to a report by property consultancy JLL. The luxury segment saw prices rise by 14.7 per cent year-on-year and 3.1 per cent quarter-on-quarter to US$ 5,337 per square metre. The second wave of Covid-19 played a strong role in the market, eliminating short-term speculators with limited capital from the property market. Houses with land and costing below $450,000 attracted a lot of interest as people bought them to lease or for appreciation in value in future. But those costing more than $450,000 did not have much demand. Licensing issues and credit tightening continued to be the main challenges for the condominium market. Buyers have difficulty buying units, not because they cannot afford them, but because they cannot find suitable options. On the other hand, developers are well-positioned to increase profits thanks to the shortage of existing condo projects in the primary market. Primary prices will continue to increase… Read full this story
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