Major property developers are revving up the HCM City market by organising a series of activities as well as marketing and promotion programmes in the final months of the year.

A note from the HCM City Real-Estate Association (HoREA) said the property market has turned around since August thanks to the Government’s control of the COVID-19 pandemic and efforts made by local enterprises.

The city Department of Construction said after a slump, housing supply has again started to see a revival.

It forecast that 9,147 units comprising over 8,300 condos and 830 houses will enter the market in the last quarter of this year.

At an online meeting, Bui Van Doanh, director of the Viet Nam Real-Estate Research Institute, quoted a report from the International Monetary Fund as saying that Viet Nam surpassed Singapore and Malaysia to become the fourth biggest economy in Southeast Asia in 2020.

“In 2021 when macro-economic targets are achievable and pandemic is controlled, the market will recover and seeing even higher growth than in 2019.”

There may be booms in some segments and locations, he said.

“There will be large projects developed in the hospitality sector. These projects will have good infrastructure and be well managed and developed. They will heat up and lead the market.”

Le Hoang Chau, chairman of HoREA, concurred with him, saying the final months of 2020 are a boom time for the market.

“Real estate market in the country including HCM City will recover and develop thanks to measures to control the pandemic and policies to stimulate the market.”

Besides, urbanisation and infrastructure development would spur the market and help it grow sustainably in the medium and long terms, he said.

Giant players accelerate

The recovery signals in the property market are evident from the activities organised by various market players.

After a period of stagnation due to COVID-19, companies have resumed their marketing and sales programmes.

Novaland recently established the Novaland Gallery in downtown HCM City.

The opening of the Novaland Gallery marks the start of a series of events from now until the end of this year to acquaint customers with Novaland’s projects and revive the property market. They include conferences, seminars and entertainment programmes.

The biggest real estate transaction centre in the southern region, Novaland Gallery on Hai Ba Trung Street, District 3, spreads over an area of 5,000sq.m and is equipped with many advanced technologies.

Bui Xuan Huy, general director of Novaland, said it is a place to introduce to prospective customers key projects his company group is developing in HCM City, Dong Nai, Binh Thuan, and Ba Ria-Vung Tau.

With virtual models and an 80-seat 4D cinema, Novaland Gallery offers visitors an interesting digital experience to help them get a clear image of the projects, he said, adding virtual models help customers easily see houses’ directions and nearby infrastructure and amenities.

An open space inside is used like an event hall.

The Dome restaurant and Saigon Casa coffee shop inside the gallery are an ideal place for investors to meet and discuss investment opportunities.

From Novaland Gallery, the company takes customers to its projects by limousine.

Do Thi Bang of HCM City said she has bought Novaland’s housing products for the last six years.

“I have bought condos and houses in major projects. I visit Novaland Gallery and have a chance to get many unique experiences. The virtual models help me clearly see projects that Novaland is developing, and I am thinking of buying a second home in NovaWorld Phan Thiet.”

Other developers are bringing to the market many sales programmes to meet demand, which is expected to increase from now. Their activities have helped revive the market and stimulate buying.