CBRE Vietnam's apartment market research report said that in the fourth quarter of 2025, the average primary price (investor opening for sale) of the apartment segment in Ho Chi Minh City reached 90 million VND/m2, up 5% quarter-on-quarter and 21% over the same period last year. Not only did the primary price increase, but the secondary level (buyer and seller) also increased by about 18%, to an average of 64 million VND/m2.
The price increase has also spread to neighboring localities. In the last quarter, the opening price of many apartments in Binh Duong (before the merger) increased by about 10%, Dong Nai by 12%, and Long An (under Tay Ninh after the merger) by 45%. Secondary prices in these regions all increased by 13-15% over the same period.
Another survey from real estate market research and consulting unit DKRA Consulting shows that in recent times, apartment primary prices in Ho Chi Minh City and neighboring cities have increased by 12-18%. Secondary prices will increase by 8-15% depending on the area.
This unit predicts that apartment prices in the South may increase by 5-6% in the last months of the year, especially when the affordable segment is increasingly absent.
Although the supply is large, more than 63% is concentrated in Binh Duong (old), while the central area of Ho Chi Minh City lacks new projects due to limited land funds and prolonged legal progress.
Ms. Duong Thuy Dung, CEO of CBRE Vietnam, explained that apartment prices are still high despite improved supply due to the large majority of new baskets of goods in the high-end and luxury segment, pushing up the general level. In the old Ho Chi Minh City area alone, 90% of the shopping malls opened for sale in 2025 are in the high-end and luxury segment. This rate in the old Binh Duong was about 60%. For the Long An area, a series of new projects were opened for sale at 40-60 million VND/m2, pushing the area to increase dramatically.
The current supply in the market does not meet the actual needs of the majority of people, who need houses with affordable prices. The number of real estates in this segment is too small.
Although social housing and low-income housing are being developed, the scale is still very limited compared to market demand. Meanwhile, most real estate businesses focus on the high-end segment for high-income customers, which brings higher profit margins.
The prolonged imbalance between supply and demand and continuous price increases can be considered one of the signs of a real estate bubble.
Investors still remember the period of 2007 2011 when the domestic market increased prices too quickly, credit tightened and transactions almost froze.
Currently, the increase in high-end and luxury apartment prices shows no signs of stopping, while transactions are more speculative, less based on real housing needs. When prices are far beyond payment capacity, the market can enter a state of saturatedness, the seller does not want to reduce prices, the buyer is cautious about risks and liquidity weakens.
This is a bad scenario but it is completely possible if prices continue to climb to the unreasonable level of 200-250 million VND per square meter that is not commensurate with product quality and average income.
