The market research report from DKRA Group on the real estate market in Ho Chi Minh City and neighboring southern provinces has just been released, showing that in August 2025, the apartment segment recorded nearly 4,400 apartments in consumption in the month, 5.7 times higher than the same period last year.
Ho Chi Minh City continues to affirm its leading position when it accounts for 96.3% of the total supply of apartments in the area, with more than 12,000 apartments for sale. The strong recovery in demand has helped the city's successful transaction volume increase 5.1 times over the same period.
The Class A (high-end) segment is dominating the apartment market with about 42% of supply, mainly concentrated in Ho Chi Minh City. Meanwhile, border provinces such as Dong Nai and Tay Ninh have become destinations for Class B and C products, meeting the real housing needs of the people at more reasonable prices.
The selling price level also recorded a slight increase of 2% to 6% compared to the previous month. The lowest selling price of primary apartments (opended by investors) in Ho Chi Minh City is 37 million VND/m2; the highest opening price is up to 493 million VND/m2, a fairly high figure. Meanwhile, apartment prices in Dong Nai and Tay Ninh are still quite "easy to breathe", ranging from 33 - 41 million VND/m2 and 28 - 57 million VND/m2 respectively.
The Ho Chi Minh City area leads the market with about 42% of primary supply and 58% of total consumption. In which, the product group has an average price of about 10 billion VND/major market liquidity unit.
Reports from market companies are different from the actual situation of project sales by investors. In contrast to abundant supply, liquidity in the market is very low. In Tay Ninh, Mr. Nguyen Van Dung - Director of the Real Estate trading floor chain operating in Tay Ninh - said that the successful transaction volume of townhouse and villa projects in the locality, especially in the old Long An area, is almost insignificant. In July and August alone, the number of transactions can be counted on the fingers.
The rate of successful transactions recorded by brokerage firms is not as high as expected. Some projects have launched attractive promotional programs such as preferential interest rates from only 6-7%/year fixed in the first 12 months, the lowest in the past 3 years, some partner banks have also launched preferential loan packages lasting up to 3-5 years with preferential policies for principal or interest rates in the beginning... but customers are still struggling to make decisions.
In Ho Chi Minh City, the situation is not much better. A representative of an investor who has just launched an apartment project admitted that they are worried about weak demand. Although the selling price was only 35 million VND/m2, the project location was close to large industrial parks in Di An and Thuan An, but on the day of opening for sale, only about 10 customers made deposits to reserve.
The main cause of the situation of "supply but lack of demand" comes from the imbalance between housing prices and people's affordability. Meanwhile, the affordable segment that should have accounted for the largest proportion has almost disappeared from new projects. Even social housing projects, which are oriented towards workers and low-income groups, are being implemented very slowly.
According to Dr. Nguyen Duy Phuong - Investment Director of DG Capital, many real buyers feel their expectations are eroded when witnessing house prices constantly climbing, while income does not change significantly. In addition, developing affordable housing is becoming increasingly difficult to achieve when an investor's representative said that with the current high land price level, it is very difficult to sell below VND50 million/m2 and still make a profit. Even in the case of narrowing the apartment area to less than 30 m2 to have a selling price of less than 2 billion VND, the number of apartments launched is not much, and apartments over 60 m2 are still not easy to liquidate.
HoREA's market report for the first 6 months of 2025 shows that the city only has 4 commercial housing projects with 3,353 luxury apartments eligible for capital mobilization, with a total value of more than VND 10,200 billion.
This is the second consecutive year that Ho Chi Minh City has not had any commercial housing projects in the mid-range, affordable segment (priced under VND40 million per m2). 100% of projects opened for sale in the first half of the year are in the high-end segment, maintaining a state of supply imbalance from 2024 to present. This imbalance makes the market unsustainable, like the "upside-down pyramid" model.
