Apartment prices in Ho Chi Minh City rose to an unprecedented VND120 million (US$4,691) per square meter on average in the first quarter, marking a 47% increase year-on-year.
But the record price was achieved because a majority of new launches in the last three months were in the high-end and luxury segments priced at above VND100 million (US$3,870) per square meter, Trang Bui, CEO of Cushman & Wakefield Vietnam, said.
She said these developments are by companies renowned for premium offerings, such as Masterise Homes, Vinhomes, Gamuda Land, and Keppel Land.
The eastern and central districts of HCMC, where the high-end projects are largely concentrated, continue to lead the charge in new supply, accounting for some 53% of over 2,390 units launched in the first quarter.
The south and west, which still offer some mid-range projects (priced at around VND60 million per square meter), represent 19% and 15% of the supply.
Cushman & Wakefield CEO Trang expected HCMC to add around 9,500 new apartments in the second quarter, predominantly in the high-end segment with an average selling price of VND120 million per square meter.
If the prices continue to rise, demand is expected to gradually shift toward the city’s suburban areas and neighboring cities, where prices remain affordable.
Source: Vnexpress
