Data from Ho Chi Minh City real estate market research unit OneHousing shows that by the end of the third quarter of 2024, the lack of supply in Ho Chi Minh City has not improved and mid-range projects are becoming increasingly scarce, pushing the average selling price of the entire market to continue to increase, reaching VND80.2 million/m2, up 5% compared to the previous quarter.
In particular, the high-end and luxury segments continue to dominate with 90% of newly opened apartment supply priced from 60 million VND/m2 (excluding VAT and maintenance fees) or more. In particular, the East - which accounts for 65% of newly opened supply in the first 9 months of the year in Ho Chi Minh City - has established a new price level.
Old projects that were previously suspended have shown signs of restarting and all have expected prices to increase 2-3 times higher than the previous opening prices. Most of the projects preparing to open for sale in this area also have expected prices of over 100 million VND/m2.
In fact, the prices of high-end apartment projects in Ho Chi Minh City that have recently opened for sale range from over 100 million VND/m2. For example, in early November 2024, Masterise Homes launched the Masteri Grand View high-rise subdivision, located in The Global City urban area (Thu Duc City), with prices starting from 100 million VND/m2 if choosing the fast payment method. In case customers choose the payment method with the normal progress, the price will increase to 130 - 140 million VND/m2. The above selling price does not include 10% VAT.
Not far away, Gamuda Land's Eaton Park project also opened the next phase for sale with an expected price of about 140 million VND/m2. While the previous sale was priced at about 130 million VND/m2. Another project of Gamuda Land, Elysian, although located in the old District 9 area, is also priced at no less than 100 million VND/m2.
While The Opusk Residence subdivision of the Metropole Thu Thiem project has an expected price of up to nearly 300 million VND/m2, the previous phase had a price of about 150 million VND/m2.
Another project is Lancaster Legacy apartment, District 1, after a period of suspension, the investor has now started to reopen for sale when there is information about preparing to pay land use fees. The price offered by the investor for this reopening is also higher than before. The announced selling price is about 8,800 USD/m2, or about 230 million VND (this price does not include VAT).
OneHousing commented that the apartment segment under 3 billion VND is gradually disappearing, such as the apartment segment under 2 billion VND has not appeared since 2023, or apartments under 1 billion VND have not appeared since 2020.
The reason is that in big cities like Ho Chi Minh City, the "clean" land fund with full legal status to develop commercial housing projects is increasingly limited, causing land prices to increase. Ho Chi Minh City has applied a new land price list until December 31, 2025 and a new land price list updated annually from 2026, making compensation for site clearance more costly.
In addition, macroeconomic fluctuations also increase project development costs, causing apartment projects under 3 billion VND to gradually disappear and tend to move to neighboring provinces, where land funds are more abundant and development costs are lower.
Ms. Giang Huynh, Director of Research and S22M Savills, assessed that in 2025, housing supply in Ho Chi Minh City will gradually improve. However, the structure of supply will continue to be in the mid-range segment and there will be a lack of affordable housing. Ho Chi Minh City will still be a market for mid-range and high-end housing.
