80% of HCMC new apartments to be priced above $2,500 per square meter
Some 10,000 new apartments are expected to hit the HCMC market this year, 80% of them priced above VND65 million (US$2,540) per square meter.
The rest of them will be priced from VND50 million, according to property consultancy Savills.
An earlier forecast by another property services firm, One Housing, said there would be 10,000-12,000 new units for sale this year, 88% of them priced at VND60 million or higher.
Some 70% of the total supply will be in Thu Duc City in the east.
A dearth of new supply has been an ongoing phenomenon in Vietnam’s biggest city for years.
Most of the upcoming supply will be in old projects implementing their next phases.
Some outlying districts have a few projects that are awaiting licenses. Prices have generally been going up sharply.
Last year the average price in the primary market was VND84 million per square meter, up 15% compared from 2023, according to One Housing.
Giang Huynh, head of research at Savills, said the decline of the affordable segment is robbing young people and low-income workers of the opportunity to own a home.
People are increasingly moving to outlying districts as prices surge in the city, she said, but added that even in non-central areas it is difficult to find a reasonably priced unit.
By Phuong Uyen – VnExpress.net – February 16, 2025