Work began Sunday on a VND2.5 trillion (US$143 million) real estate project in southern Binh Duong Province, around 30 kilometers from Ho Chi Minh City.

Office rents in Ho Chi Minh City have fallen this year, with the global economic crisis reducing demand to the extent that some buildings have vacancy rates as high as 40 percent.

Ho Chi Minh City’s real estate market is showing signs of recovering, with many apartment building projects reporting more interest from buyers.

Vietnam’s urban housing shortage will only be solved if the government cuts red tape and encourages investment in the low-cost housing sector, a seminar in Ho Chi Minh City was told last week.

Price reductions have helped stimulate the mid-range segment of Ho Chi Minh City’s real estate market in recent months, real estate companies have said. “With recent housing prices, those who want to buy houses have taken the chance, especially when it comes to apartments that cost less then VND1.5 billion ($86,000),” said Lam Van Chuc, director of Phuc Duc Co. Ltd.

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