A market survey shows that in Ho Chi Minh City, most of the projects opened for sale from the end of 2024 to June 2025 are focused on the high-end and luxury apartment segment, with prices ranging from 100 - 150 million VND/m2. According to a survey in the East of Ho Chi Minh City, apartments in new projects in Thu Duc City are attracting buyers with prices above 100 million VND/m2. There are some projects in the area near the An Phu intersection (Thu Duc) being offered for prices up to 120 - 150 million VND/m2.
As for the South of the city in Binh Chanh and Nha Be districts, the projects are being sold to customers at 64 - 80 million VND/m2. In District 1 alone, only a few apartments still have apartments in "barges", but the selling price is also from 200 - 300 million VND/m2, some places up to 400 - 500 million VND/m2. Not only in the primary market, the secondary apartment market also maintains high prices, there are projects that have been in operation for nearly ten years but the selling price has doubled, currently trading at 4 - 5 billion VND/unit.
The sharp increase in prices comes from the fact that the market still has very little supply, especially in the affordable housing segment. The reason is that the legal solutions for projects, even though they have improved, the number of projects still stuck is still very large.
The director of a real estate company said that due to legal problems, his company's project could not be constructed for a long time, in addition to interest costs, there were many other financial costs. His project is being discussed by the city to remove obstacles and is expected to have results in July.
However, this enterprise itself admitted that if the project is now implemented and opened for sale, it will also plan to recalculate the selling price and will certainly be a new price that will increase quite high compared to the old price, because in addition to financial costs, other costs also increase such as construction materials, construction costs, business costs, etc.
According to Dr. Nguyen Duy Phuong, strategic investment director of DGCapital, the biggest problem still lies at the implementation level, the legal bottlenecks in the locality have not been resolved synchronously. Factors such as planning, land valuation, and investment procedures are still hindering capital flows into the project.
Meanwhile, the current situation is that many real estate projects only focus on developing products towards high-income customers, leading to a situation where the supply of high-end real estate, villas, and luxury apartments is constantly increasing, while the group of subjects absorbing these high-end product lines does not account for the majority.
The real estate market sentiment is quite positive, the demand for real estate is still large and that is a good signal. However, the problem is whether the market can absorb all the current high-priced goods or not. Meanwhile, actual demand has not recovered strongly because the rate of income growth has not caught up with the rate of housing price increase and many people are cautious after the crisis.
As a result, market liquidity is low, absorption rate is weak and businesses have difficulty rotating capital. The latest statistics from VietstockFinance on 103 listed real estate enterprises show that, by the end of the first quarter of 2025, the value of inventory had reached more than VND 491,000 billion, a record high in more than 20 years.
More than 90% of inventories are currently in the mid-high-end segment, with an average selling price of 3,648 USD/m2 (more than 91 million VND/m2), beyond the affordability of the majority of people. In contrast, the basket of inventories in the affordable segment (under 55 million VND/m2) only accounts for about 10%, but mainly 3-bedroom apartments with large areas, bringing the total value of apartments to over 3 billion VND. And in the context of many economic fluctuations, buyers tend to look for options that suit their financial capacity. This makes high-priced inventory products even less attractive.
