Apartment prices increased by nearly 30%

According to Cushman & Wakefield’s high-rise market report, in the first quarter of the year, the supply of housing in Ho Chi Minh City mainly came from suburban areas, launched projects all set new price levels.

Specifically, last quarter, there were 2,500 new apartments, coming from four projects located in Thu Duc City, Binh Tan District and District 12 respectively. Many new apartments offered for sale in the market are in the mid-end segment with popular prices. from 2,500 USD per square meter, equivalent to 57.1 million VND.

If calculating the average selling price of the whole apartment market including all segments, it reached USD 3,300 per m2 (equivalent to VND 75.4 million), up 8% QoQ and soaring 27% YoY. House prices are getting higher and higher, but consumption in the first quarter decreased by 20% compared to the previous quarter and by 11% compared to the same period last year.

According to Cushman & Wakefield, apartment prices in Ho Chi Minh City increased mainly due to land prices, escalating costs of construction materials, and a long time to complete legal procedures. In addition, the market received many products in the luxury and even ultra-luxury segments, which pushed the average house price of the whole market to peak. In addition to the escalation of house prices quarterly and annually, the asking price of apartments in the Ho Chi Minh City market has also continuously peaked in the past 10 years.

This unit forecasts that, by the end of 2022, the supply of apartments in Ho Chi Minh City will probably reach 10,000 units, mainly from the model of large-scale complex urban areas. Super luxury apartments will continue to appear in the remaining quarters of the year. Currently, the total supply of apartments in Ho Chi Minh City since 2004 has reached 315,000 units.

Vu Le