Analyst Pin-board Residential real estate market in HCMC: The recovery is on track driven by high-end products
The HCMC residential market in the last quarter of 2020 maintained its recovery momentum from Q3 2020. There was a sharp increase in launched and sold units (8,058 units, +103% QoQ and 6,178 units, +74% QoQ, respectively) according to CBRE. However, on a full year basis, new supply fell to a five-year low as the number of newly launched units and sold units decreased 35% and 49% YoY, respectively. In 2020, the high end and luxury segments were key supply contributors (c. 83% of newly launched units) while affordable and mid-end segments stayed muted. Due to the lack of affordable and mid-end supply, investors are currently looking for suburban/tier-two markets as Binh Duong and Dong Nai given the ramp-up in infrastructure development. In our view, in 2021, the legal issues would be less severe thanks to the effectiveness of several laws including Law on Amendments to Construction Law 2020, Investment Law 2020 and Decree 148/2020/ND-CP. Consequently, new supply should improve.
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