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HCM City apartment prices fall after fatal fire

HCM City apartment prices fall after fatal fire

Apartment prices in HCM City have decreased by 5% following a fatal recent fire in the city which left 13 dead and dozens injured.


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The Carina apartment fire left 13 dead and dozens injured in Ho Chi Minh City

HCM City Real Estate Association reported that investors cut apartment prices by around 5% following the deadly Carina apartment building fire in late March. 

Earlier, Pham Duc Toan, general director of EZ Vietnam Real Estate Development Company, said his company has seen a fall in apartment sales following the fire. Many customers have chosen apartment projects more carefully, considering the prestige of investors.

After the incident, HCM City authorities have tightened control over fire prevention and control at high-rise buildings.

However, there are still eight apartment projects which have not yet met fire prevention and control system standards.

According to real estate firm Commercial Real Estate Services (CBRE), HCM City saw 9,503 new apartments entered the market in the first quarter of this year, up 11% against the previous quarter and 79% on-year. Of the sum, 9,260 apartments were sold, 4% higher than the previous quarter and 26% on-year.

However, after the Carina fire incident, CBRE forecasted that the apartment sales would drop.

Lao Dong/Dtinews

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