The Hanoitimes - The forecast was made by Deputy Director of Savills Research in Hanoi Do Thi Thu Hang at a press conference on the real estate market in Hanoi on January 10.
On the development of the real estate market, Savills Vietnam cited the sector’s growth of four percent in 2016, the highest level in the last five years.
The rise of the real estate sector is manifested by more than 3,100 newly-established enterprises and retail revenue of 117 billion USD, up 10 percent from a year ago.
According to the Savills Vietnam, the apartment supply in Hanoi reduced 10 percent but the number of successful transactions increased month by month.
In Hanoi capital, a total of 21,188 apartments were sold in 2016.
Specifically, in the fourth quarter of last year, about 21 new projects joined the market with 10,280 apartments, up 81% compared to the third quarter and 28% against the same period of the previous year.
During the fourth quarter, approximately 6,700 apartments were sold in the city. The absorption rate of market decreased by 2% compared to the third quarter and 9% in the comparison to the same period in 2015.
According to CBRE Vietnam, the high proportion of foreign direct investment (FDI) capital and remittances spurred growth for the Vietnamese real estate sector in 2016 and the trend is expected to continue in 2017.
The real estate firm said the proportion of the FDI capital flowing into the real estate market in 2016 was the second highest among economic sectors.
Despite a lack of breakthroughs, resources for the real estate sector remain strong and will prop up the market in 2017, the CBRE said .
FDI capital continued to be a key growth driver in 2016 and seven percent of FDI flowed into real estate, which was modest compared with the level of 25 percent during 2007-2009 but was valuated as more sustainable, according to the CBRE.
Savills Vietnam forecasted that about 77 projects with 55,000 apartments will join the market in 2017, mostly located in districts of Hoang Mai, Thanh Xuan, Ha Dong and South Tu Liem.
Translated by Thu Minh
Source: Van Hang-Kinhtedothi.vn