Suspended ventures due to lack of administrative procedures are instigating a severe shortage of supply and sharp increase of prices of the property market in Ho Chi Minh City, as well as in outskirt areas. The government is being urged to provide more affordable housing and Ho Chi Minh City is looking to push forward stalled accommodation projects One such couple from the central province of Thanh Hoa, Mai Anh and Nguyen Manh, have had to ditch their plan to buy an apartment to resettle. Instead, they continue to lease a small flat in District 4 at a rental of VND5 million ($215) per month. “We have saved around VND600 million ($26,000) after four years of living in Ho Chi Minh City and wanted to buy a small flat in the outskirts, which were selling at VND1.2 billion ($52,000),” Manh said. “However due to the shortage of supply, what we were looking for increased to more than VND1.6 billion ($70,000) and much over our budget. Thus we have to temporary halt our plans and save more.” According to property consultants, the price of land in outskirt areas of Ho Chi Minh City has increased from 20 to 60 per cent… Read full this story
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