Analyst Pin-board HCMC’s residential real estate market: Plummeted in Q3 but market is likely to recover
- HCMC's condo market in Q3 2021 was hit hard amid strict lockdown caused by the escalation of Covid-19 given the significant drop of both supply (-60% YoY) and sold units (-68% YoY). The average primary price still rallied backed by the supply shortage. On the positive side, the absorption rate was still over 80% even with online sales (c. Moonlight Centre Point in Binh Tan).
- We expect the market to recover from Q4 2021 and will be better in 2022 with new launches from the resumption of offline sale events given the high vaccination rate (over 85% in HCMC) and the fact that large developers have delayed their projects to 2022.
- New launches in 2021-2022 are mainly attributed by Thu Duc City and Binh Chanh regions. The accelerated of nearby infrastructure projects will drive Thu Duc City market momentum while the “turning pages” story heat up the Binh Chanh region.
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