According to Savills Vietnam, the majority of apartments sold in HCMC over the next two years will fall within the price range of VND5-10 billion (equivalent to US$200,000-400,000), while units priced between VND2-5 billion are expected to become increasingly scarce.
Giang Huynh, associate director at Savills Vietnam’s HCMC office and head of research for the S22M platform, noted a steady increase in apartment prices, with 90% of transactions occurring within the VND2-5 billion range in 2023. There were no transactions below VND2 billion, and last year witnessed the lowest supply in a decade, with only 10,700 units available and 6,300 successful transactions.
In the primary market, prices of high-end apartments have reverted to the 2020 average of VND69 million per square meter, marking a 45% decrease from 2022. CBRE data indicates that 84% of apartments offered for sale in the city last year were priced between VND50-98 million per square meter. However, the availability of apartments priced under VND50 million has significantly declined, leading to the disappearance of affordable housing options in recent years.
As a result of high prices in the city, there’s a growing trend of individuals relocating to nearby provinces in search of more affordable housing options. Savills experts predict that 96% of future apartment supply in neighboring provinces such as Binh Duong, Dong Nai, and Long An will be priced under VND5 billion. Developers in these provinces are offering competitive prices for apartment projects, attracting buyers seeking larger living spaces and integrated amenities, according to Nguyen Van Dinh, president of the Vietnam Association of Realtors.
