Real estate prices have increased over time, but from the beginning of 2025 until now, many apartment projects put into use in Ho Chi Minh City have tended to increase sharply, especially those that have been cleared of procedures for granting pink books.
Posing as a home buyer, we were taken by brokers to see a few projects in the eastern area of Ho Chi Minh City. What surprised us was the fairly rapid price increase of the projects that have been put into use. For example, at The Sun Avenue project (Binh Trung ward, Ho Chi Minh City).
Brokers said that last year, the land of apartments here was around 4-4.5 billion VND for a 2-bedroom apartment of nearly 70 square meters. But now, the selling price offered by the homeowner has increased from 6-6.7 billion VND, an increase of more than 50% after just 1 year. The main reason is known to stem from information that the project is about to complete the issuance of pink books.
Some other projects have lower starting prices, but have also increased their prices significantly after completing legal procedures. About 5 years ago, in the old Thu Duc City, there were many apartment projects with an average price of only 30-35 million VND/m2, but now, there cannot be found a new apartment project with a price below 60 million VND/m2, while the average price segment is almost "extinct".
The reason is that most of the newly opened projects have very high starting prices. For example, right next to The Sun Avenue project ( handed over in 2018-2019), Dat Xanh's The Prive project has a selling price of 120 million VND/m2 and the Eton Park project not far away also has a similar selling price, while the Global City project is now up to 180 million VND/m2.
Or in Binh Duong area, just a few years ago, the average selling price of apartments was from 20-25 million VND/m2, now most projects are over 40 million VND/m2. Many new apartment projects in areas near Ho Chi Minh City that have recently been opened for sale such as Bien Hoa, Nhon Trach, Phu My... also have prices above and below 40 million VND/m2.
This is really hindering those who need to find a place to live that is affordable. Mr. Nguyen Hung and his wife, living in Binh Trung ward, said that since 2023, he and his wife have rented an old resettlement apartment in this area for about 9 million VND per month. At that time, the homeowner's selling price was around 2.2 billion VND.
The couple has also tried to save for many years. But up to this point, the selling price offered by the homeowner is nearly 3.8 billion VND. With small childcare costs and the pressure to pay installments beyond their ability, they were forced to continue living for rent and said they had completely lost the motivation to buy a house in Ho Chi Minh City.
Meanwhile, banks have launched consecutive preferential credit packages, but many customers with real housing needs are still hesitant, because the preferential interest rate period is short, but the house price is too high. Some incentive packages are even "unstable" because of too strict conditions and procedures.
Mr. Nguyen Hung said that he and his wife also plan to borrow more capital from the bank to buy a house away from the center. But after getting to know each other, he was really hesitant and did not dare to decide. Because the fixed interest rate in the first 1-2 years is very low, but then the interest rate will float.
Accordingly, the preferential interest rate in the first year is 6 - 8%/year, but in the following years it can be 11 - 13%/year, or even higher. The amount of money I have to pay principal and interest is about 18 - 20 million VND/month. Lending capital is relatively stressful for workers.
Mr. Le Hoang Chau, Chairman of the Ho Chi Minh City Real Estate Association, assessed that to buy a 2-bedroom apartment, priced at 2 billion VND, an average income household with 10 million VND per month needs to accumulate continuously for 20 years, in a state of tightening spending. With the current apartment price (4-5 billion VND), it is necessary to save for over 40 years, and if you borrow, it will take a lifetime of labor to pay off the debt.
