Changing the mindset of development: Expanding opportunities for home ownership.
The real estate market is facing the need to adjust its product development approach as rising housing prices increasingly put pressure on buyers' affordability.
In major cities like Ho Chi Minh City, land in the central areas is limited, while the costs of land use fees, materials, labor, and project development are constantly increasing. These factors make creating affordable housing for the majority a difficult challenge for businesses.
For apartments priced between 2 and 3 billion VND to become a practical option, the challenge lies not only in land availability and construction costs, but also in the synergy between transportation, employment, amenities, and project development mechanisms.
According to Mr. Vo Huynh Tuan Kiet, Director of Housing Market at real estate consulting firm CBRE, criteria for buying a home are changing. Customers are no longer only interested in location, price, or payment schedule, but are increasingly focusing on construction quality, amenities, management and operation, and long-term usability.