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Shocked with the price of apartments in Ho Chi Minh City, with 2 billion VND it is still difficult to ‘turn’ the dream of settling into reality

04/14/2022 07:27 GMT+7

Apartment prices in Ho Chi Minh City increased rapidly. If last year, projects priced below 30 million VND/m2 suddenly “disappeared”, then now, the lowest project also screams 42-50 million VND/m2.

Thu Trang and her husband are originally from Hanoi, but have been working and living in Ho Chi Minh City for more than 4 years now. With the intention of staying here for a long time for work, she and her husband have saved up and saved money to buy an apartment and help rent a house.

However, Ms. Trang is very concerned when apartment prices in Saigon keep increasing sharply. If at the end of 2017 and early 22018 when Ms. Trang’s family just entered, Ho Chi Minh City still had apartment projects priced at around 20 million VND/m2, now the lowest priced apartment projects are all 42-50. million VND/m2.

Shocked with the price of apartments in Ho Chi Minh City, with 2 billion VND it is still difficult to ‘turn’ the dream of settling into reality
Holding 2 billion VND in hand, it is still difficult to find an apartment to buy because the price of apartments in Ho Chi Minh City is the lowest on the market, currently priced at 42-50 million VND/m2.

“Even though my wife and I have accumulated 2 billion VND, we still cannot choose where to buy an apartment because the current selling price is too high. We studied a number of apartment projects in the suburbs of Ho Chi Minh City such as in the East, the South or the Western urban axis, but the apartment price is nearly 50 million VND/m2.

At this rate, I don’t know when I will be able to buy a house here to settle down, if I borrow more from a bank, I am afraid that the couple cannot afford to rent a house and raise two children to study, “said Trang. .

Mr. Dinh Minh Tuan, director of Batdongsan.com.vn in the South region, said that in the first 3 months of 2022, the supply of the apartment segment to the market in Ho Chi Minh City decreased compared to the previous quarters; The supply is mainly concentrated in the East region and a few new projects in the next phase are opened for sale in the West region. For public projects open for sale, the prices are very high.

“If in the period of 2019, Ho Chi Minh City disappears apartment projects priced below 1,000 USD/m2, in 2020-2021 disappears projects priced under 30 million VND/m2, then by the first quarter of 2022, almost above The market disappeared again, projects with prices below 2,000 USD/m2, ie less than 40 million VND/m2. The apartment market is most interested by buyers in the Thu Duc City area. The asking price and rental price both increased in all segments, “said Mr. Tuan.

Mr. Tuan also said that the investment capital flow has shifted in the Ho Chi Minh City market, instead of before, investors and real estate seekers looking for primary projects, this year they are looking for apartments. secondary, previously handed over.

Citing survey data of the top 10 selling apartments, Mr. Tuan said that Ho Chi Minh City apartments are concentrated in the Thu Duc city area.

In fact, in the Ho Chi Minh City market, there are currently a number of apartment projects in the old Thu Duc district, now Thu Duc city, in the East Saigon area, the price of some projects offered for sale on the market is close to 50 million VND/ m2.

For example, the Fiato Premier apartment project on To Ngoc Van street, the market price is 49-52 million VND/m2; Akari City project is also offered by brokers with a selling price of 47-49 million VND/m2. Urban Green project on National Highway 13 is also expected to sell in the second quarter at a price of 55 million VND/m2. Some projects are about to deploy phase 2, the asking price is expected from 70 million VND to nearly 100 million VND/m2.

Notably, data from the first quarter of 2022 real estate market research report just published by Dat Xanh Services, in Ho Chi Minh City, the apartment price level recorded increased to a record high, up to 64 million VND/m2, an increase of 9% compared to the previous quarter. Meanwhile, the new supply in the first quarter was recorded at 2,166 apartments, down 55% compared to the last 3 months of last year. Supply is mainly concentrated in Binh Chanh (39%), Thu Duc City (29%), Binh Tan (22%). Primary supply recorded 4,401 units.

The reason for the decrease in supply is said by this unit, because the licensing process for new projects is slow and the land fund is limited, making the supply scarce, and the real estate price level escalates.. .

Experts of Batdongsan.com.vn said that due to the shortage of primary supply, apartment prices are forecasted to continue to grow in 2022. Even projects entering the handover phase in 2022 will see a bullish peak.

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