As of 1 pm on August 26th, many areas at the Nam Thang Long – Ciputra urban area in Tay Ho, Hanoi were still inundated with water, causing travel disruptions.
Vehicles faced challenges navigating through the flooded streets.
“I decided to take an alternative route through Ciputra to avoid the flooded Vo Chi Cong Street near Lotte Mall Tay Ho,” shared Ms. Nhung, an office worker in the area. “However, the situation here is just as bad.”
The Ciputra welcome gate was deeply flooded, forcing vehicles to be pushed through.
This area of Ciputra, known as a “luxury village,” often faces severe flooding during heavy rains. Residents like Mr. Cuong shared, “The section from the Ciputra gate to Pham Van Dong Road frequently floods, and many inner roads face similar issues. Every time there’s heavy rain, I have to work from home because traveling through these flooded streets is extremely inconvenient, not to mention the traffic jams.”
According to real estate listings, villas in the Ciputra urban area are priced at approximately 270 – 480 million VND per square meter, depending on location and size. Larger corner villas are listed for over 10 billion VND. Currently, new apartments in the area are highly priced, with some projects offering units from 100-180 million VND per square meter, and one project even reaching 330 million VND per square meter.
Professor Dang Hung Vo: Rising House Prices are Mostly “Illusory”, Many Want to Sell but Can’t!
“Renowned economist, Prof. Dang Hung Vo, offers a thought-provoking insight into the current state of the property market. He asserts that the recent surge in housing prices is largely a ‘phantom’ or ‘speculative’ increase, devoid of any fundamental or intrinsic value. This anomaly, where prices soar while transaction volumes plummet, contradicts the very essence of market dynamics and principles.”
“Land Transfers Lead to Unreasonable Business Cost Increases”
“This assertion was made by Mr. Nguyen Quoc Hiep, Chairman of the Vietnam Association of Construction Contractors (VACC), at the workshop ‘Perfecting Land Laws to Create a Driving Force for Development in the Digital Age’.”
The Housing Market: Riding High Despite Bond Maturity Pressures
In August, real estate bond maturities are set to reach a staggering VND 17.5 trillion ($743 million). Despite this, real estate companies are steadfast in their refusal to lower property prices, despite facing significant challenges with cash flow to service their debts.
“A Streak of Good News for Infrastructure: Unraveling the Developments Along National Highway 13”
The supply of eligible apartments for sale in the price range of 50-55 million VND per square meter along National Highway 13 (northeast of Ho Chi Minh City) is dwindling. This trend indicates that the upward pressure on property prices in this area is unlikely to abate anytime soon, given the significant investments being made in improving the transportation infrastructure.
“Unsuccessful Auction for Prime Land on Vo Van Kiet Street”
On August 1st, the Board of Directors of Hai Xang Car Services Joint Stock Company (HOSE: HAX) announced the cancellation of the auction for a 6,282.6 sqm land plot located on Vo Van Kiet Street in the former Binh Tan District of Ho Chi Minh City due to a lack of participants.
