Analyst Pin-board Residential real estate market: Q3 2020 witnessed some recovery
In Q3 2020, the residential real estate market recovered strongly with total sold units at 9,813, +44% QoQ while new launches also showed good progress at 22,602 units, +23% QoQ versus Q2 2020. However, new launches in the condo segment in Ha Noi and HCMC still recorded a drop of 52% and 33% YoY, respectively as the market has not fully recovered. From our view, the decent performance in Q3 is a good basis for a stronger recovery in Q4 2020 and 2021. Moreover, the acceleration of public investment this year, especially in infrastructure projects (e.g. Metro No.1, Ho Chi Minh City–Long Thanh–Dau Giay Expressway) and the continuous recovery of the economy in upcoming years also supports the real estate market. However, we are still concerned about some inherent risks such as (1) Continuous supply shortage in two prime locations - HCMC and Ha Noi caused by the lengthy licensing procedures, (2) Weak demand in cities hurt by Covid-19’s second wave such as Da Nang and Quang Nam.
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