Country house prices increased by more than 40%

The market report of Cushman & Wakefield said that, in the first 3 months of 2022, the basket of ready-made houses in Ho Chi Minh City and the surrounding area was bustling with goods compared to the same period in Covid 2020-2021. Based on the list price of the new basket of goods, the average asking price of a townhouse in Ho Chi Minh City is 3 times higher than the selling price in neighboring provinces.

Specifically, the average selling price in Ho Chi Minh City reached $7,580 per square meter (equivalent to VND 173 million), up 30% QoQ and 42% YoY. The average price increase recorded in the quarter was mainly due to the record high selling prices of two projects in Thu Duc City setting new peaks in the whole city.

Meanwhile, the ready-built housing market in the provinces adjacent to Ho Chi Minh City recorded an average asking price of townhouses at $2,630 per square meter (equivalent to VND60 million), up 6% QoQ and 46% YoY.

In the first quarter of the year, projects in Ho Chi Minh City were offered to the market covering Thu Duc City in the East, Binh Chanh District in the South and District 12 in the West of the city. Meanwhile, the neighboring provinces of Binh Duong, Dong Nai, Long An, and Ba Ria Vung Tau also continuously appeared baskets of new land-based houses.

This unit’s data shows that the total supply of land houses in Ho Chi Minh City and neighboring provinces including Binh Duong, Dong Nai, Long An, Ba Ria Vung Tau, from 2004 up to now has reached 50,000 units. In which, the supply in Ho Chi Minh City accounted for 49% with 24,500 units.

Cushman & Wakefield forecast that by the end of 2022, the supply of land-based houses in neighboring provinces will increase more strongly than Ho Chi Minh City. This is the trend of shifting investment to neighboring satellite cities, following the traffic infrastructure works built throughout the southern provinces.

Vu Le