About 30,000 luxury and mid-range apartments, mostly in HCM City, will be released on the property market late this year and early 2010, according to a recent survey.

The survey by Colliers International Consulting Company showed signs of the property market’s recovery and an associated return of realty developers trying to attract more customers by year-end.

A large number of real estate projects are planned to start before year-end including Khang Thong Apartment and Belleza in District 7, An Phu Plaza in District 2 and 584 Lilama SHB Plaza in Go Vap District.

In mid-November, Dia Oc Dat Xanh Joint Stock Co in collaboration with Giang Dien Tourism Co invested VND450 billion (US$24.4 million) to develop Giang Dien Waterfall eco-tourism area into a high-grade village resort.

Dia Oc Dat Xanh Co said it started a residential building project in Go Vap District early this month and plans at least four more property projects before Tet (lunar new year).

Do Thi Loan, general secretary of the HCM City Real Estate Association, said besides the State’s support policies, many property developers found their own ways to quickly overcome the economic crisis.

“The property market is recovering slowly but solidly,” she said.

Huynh Du An, deputy general director of Novaland Co said the investors had returned after a period of “relaxation and waiting” caused by the crisis. Ho Chi Minh City with the country’s top rate of urbanisation and crowded population continues to create opportunities for domestic investors.

He predicted that from now until 2012 would be the best period for the Vietnamese property market.

The property consultant CB Richard Ellis forecasts that from now to the end of next year, there will be 22,500 apartments up for sale in HCM City.

VietNamNet/Viet Nam News