Vietnam's property market has been badly hit during the COVID-19 pandemic, with apartment prices in Ho Chi Minh City falling by 14.51% during 2020, in inflation-adjusted terms, in stark contrast to a whopping 69.47% house price rise in 2019. Quarter-on-quarter, house prices increased 1.93% in Q4 2020.
The price of prime residential development land in Asia slowed to 1.1% in the first half of 2015, down from 3% in the previous six months, but prime office land increased to 3.6%, up from 2.5%.
The latest prime Asia development land index from international real estate firm Knight Frank also shows that Phnom Penh in Vietnam recorded the strongest increase in both prime residential and office land price.
Brought to its knees when its property market bubble burst four years ago, Vietnam is riding into another boom, with construction starting in Ho Chi Minh City on two of the world's tallest skyscrapers and buyers snapping up new projects fast.
The speed of the market's turnaround has been startling. Successful property transactions have doubled from a year ago, and developers have halved their unsold inventory from $6 billion at the peak of the crisis at the start of 2013.
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