Instead of investing millions of dollars in building properties in HCM City’s inner districts, real estate developers rent properties and furnish apartments and put them up as mid-priced serviced apartments.
The country’s apartment inventory was estimated at some 3,300 units by the end of the first quarter of the year, falling 5,700 units compared to the same period last year.
Careful consideration must be given to the imposition of a rent tax on people who own apartments for lease, experts said, adding that it was essential to introduce a reasonable tax rate and threshold.
Investing in apartments to capture short-term gains has not been attractive to investors due to high prices caused by limited supply, according to experts.
HCM City is expected to need an additional 160,000 social housing apartments in the next decade to meet its rising population and demand for affordable housing.
The Ministry of Construction (MoC) is completing a draft resolution to encourage the development of low-cost commercial apartments to submit to the Government in the third quarter of this year.
Léman Luxury Apartments was honored as the “Best Innovative Green Building” at the Dot Property Vietnam Awards 2020 ceremony held in HCM City on Thursday night.
Online markets within apartment buildings are booming during the social distancing period, as more and more people are staying indoors and buying goods from their neighbours.