JLL observes that there are hundreds of million dollars waiting to be poured into the market in most segments of real estate. Whilst the birth rate is low at 2.09, migration from the countryside to urban areas is the key process driving urban population growth. The rural population is attracted to urban areas by employment opportunities, better standard of living, educational facilities, infrastructure, need for status, etc. The World Bank expects Vietnam’s urban population to grow by 2.4% per annum until 2025, the highest in Southeast Asia. Like other developing nations, Vietnamese cities face an imbalance between the supply of available housing and satisfying the actual demand. This is a marked change from 10 years ago, when the median household size in urban Vietnam was between two and three generations. In order to provide for its inhabitants, a growing city is expected to cater to their basic needs, starting with affordable housing. According to JLL, the total supply of completed apartments in Ho Chi Minh City and Hanoi as of the fourth quarter (Q4) of 2019 reached 201,707 units and 224,179 units respectively in all segments, equating to the rate of 17 apartments/1,000 people. “This rate is relatively low right… Read full this story
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