Development skewed in HCM City region real estate market

real estate market, HCM City, real estate market, HCM City, Property,
Developers and authorities discuss the HCM City region property market at a workshop in the city yesterday (April 16). — VNS Photo Thu Hang

The skewed concentration of property projects in some areas of HCM City has resulted in an imbalance in the development of satellite cities and causes a strain on the transport system, a workshop heard in the city yesterday.

In 2017 the Government approved a master plan for the period until 2030 for the HCM City region, which covers an area of more than 30,000 square metres comprising HCM City and the seven surrounding provinces of Ba Ria - Vung Tau, Binh Duong, Binh Phuoc, Tay Ninh, Long An, Dong Nai, and Tien Giang.

It creates a legal framework to attract investment in satellite cities and real estate markets in outlying areas, Nguyen Tuan Anh, editor-in-chief of Nha dau tu (Investor) magazine, told the workshop.

New regulations in the city to tighten the issue of licences to property projects resulted in a drastic drop in supply, boosting the real estate markets in neighbouring provinces, he said.

But there is an imbalance in the development of satellite cities, affecting the implementation of the master plan, he said.

Le Do Muoi, head of the Transport Development and Strategy Institute, said investment in traffic infrastructure is vital to ensure connectivity between HCM City and satellite cities and synchronised transportation.

Improving traffic infrastructure is now a priority, he said.

In recent years infrastructure for travel between the city and provinces in the HCM City region has improved, resulting in the mushrooming of new urban areas, he said.

This has enabled investments to flow easier into neighbouring provinces, he said.

But a high concentration of property and urban development projects to the east of the city, including in Binh Duong and Dong Nai provinces, has resulted in skewed development and placed a strain on transport systems in its gateways.

Nguyen Hoang, R&D director at DKRA Vietnam, said the HCM City real estate market has for years spilt over into its neighbouring provinces, and their markets thus have close links and affect each other.

Last year the market in neighbouring provinces saw positive growth, which made up for the decline in all segments in HCM City, he added. — VNS

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