With COVID-19 in the rearview mirror, property companies in Vietnam are springing into action after a few months of inactivity. Sales have already started at several notable projects in the country while many homebuilders are looking to resume planned projects and explore new opportunities.
Award-winning developer Novaland Group opened sales for Aqua City in the Dong Nai Province. According to Vietnam News BizHub, the project is the region’s largest and the majority of units are villas. Recent research from Savills Vietnam showed this type of housing was a good property investment.
With a large land bank in hand and more than 40 real estate projects planned for Ho Chi Minh City and the surrounding areas in the coming years, Novaland is eager to resume activities as the post-pandemic recovery begins and has already hired additional staff to support its ambitious plans.
Vinhomes is another developer getting back to work. The homebuilder kicked off sales at its Vinhomes Ocean Park in Hanoi recently with a hybrid event that included livestreaming and online transactions. Vietnam News BizHub reported that nearly 50 percent of the units made available to the public were sold during the event.
Tran Le Thanh Hien, Chairman of Danh Viet Group, told the website that the Vietnam real estate market suffered a temporary setback due to COVID-19, but the country still has significant potential for development in the long term. The rapid activity from developers in the wake of the post-pandemic recovery highlights their belief in the market.
Many experts share the sentiment. Colliers International Vietnam noted that home selling prices could rise by as much as five percent in 2020 assuming recovery from the COVID-19 pandemic remains on track. The consultancy also found that 14,000 new condo units could be launched in Ho Chi Minh City between now and the end of the year.
