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Vietnamese city continues booming

While transactions for previously-owned private residences in residential areas that have not experienced heavy property development are slowing down considerably in the lead up to the Tet national holiday, at the same time many of the other areas of the Vietnamese property market (especially in the capital city) are booming considerably.

In particular, sales of newly development residential areas in Ho Chi Minh City show absolutely no sign of slowing down and when one considers that the Tet holiday is one of the most significant nationally, that is really saying something about the state of the Vietnamese property market as a whole.

Property markets are not the only ones feeling the good effects of the property boom in Ho Chi Minh City. The property developers themselves are seeing stock prices shoot through the roof and more than once in recent days the price of the city’s stock exchange index has posted positive gains solely on the backs of booming real estate development companies.

On Wednesday, the Industrial Construction Joint Stock Company gained VND 2,200 in stock price on the back of a VND 192 billion profit projection and that in turn contributed significantly to a rise in the index and momentum that carried on for some time.

The housing market is not the only one that continues to remain hot in Ho Chi Minh City however, as apartment building transactions and transactions for agricultural land plots are also on fire in terms of the number of business transactions conducted on a single day.

Tran Anh Tuan is the head of one of the public notary offices in the city and in an interview with the Asian Property Report he said that his office alone receives approximately 200 transaction reports to settle every single day.

The bottom line here is that the Vietnamese capital has a booming property market and many foreign and domestic investors want their piece of the pie.

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