Luxury apartments under 80 million/m2 are increasingly scarce.

Despite the continuous launch of new projects, the segment of high-end apartments priced under 80 million VND/m2 in Ho Chi Minh City is becoming scarce. This reflects a shift in the market, with supply concentrating on the high-end segment, driving up property values.

Despite the continuous launch of new projects, the segment of high-end apartments priced under 80 million VND/m2 in Ho Chi Minh City is becoming scarce. This reflects a shift in the market, with supply concentrating on the high-end segment, driving up property values.

The market is "absorbing" the policy.

According to the Q3 2024 report of the Vietnam Association of Real Estate Brokers (VARS), the real estate market has recorded a positive recovery after a difficult period, thanks to the stability of the economy and supportive government policies.

In particular, the Housing Law 2023, the Real Estate Business Law 2023, and the Land Law 2024, which have come into effect, contribute to perfecting the legal framework for the real estate market and opening a new cycle for the market towards a safer, healthier, and more sustainable direction.

The newly implemented policies have helped stabilize the real estate market after years of volatility.

Overall, in the first nine months of 2024, the market recorded 30,589 successful transactions, 2.5 times more than the same period in 2023. Many new projects launched at the end of September, which began accepting bookings, also recorded a huge amount of interest and deposits.

According to VARS' survey, the supply in the second half of 2024 will continue to improve, estimated to increase by about 20% compared to the first six months of the year, mainly contributed by the high-end and luxury apartment segments.

In terms of price levels, according to data from One Housing Consulting Company, apartment prices across Ho Chi Minh City have increased by an average of 12% or more over the past three years, despite the market "freezing" period (late 2022-2023).

The luxury apartment segment sets a new price level.

The end of the year is considered a "transitional period" for the real estate market, with some developers starting to aggressively launch new products. However, most of the prominent products currently being offered are in the high-end segment, priced above 80 million VND/m2, with very few projects in the same segment priced below that figure.

According to One Housing, the launch of a series of high-end and luxury projects in the second half of the year has pushed the average price of apartments in East Saigon to a new peak. This represents a 13% increase compared to the same period last year and nearly a 35% increase compared to Q1/2022 (before the market froze).

Notably, the selling prices of subsequent phases are always higher than the previous ones. For example, the Eaton Park complex launched phase 1 at 130 million VND/m2, and less than 5 months later (phase 2) it had risen to 145 million VND/m2; the relaunched King Crown Infinity project also has a selling price of 110 million VND/m2 (phase 1 was 95 million VND/m2). Or the ultra-luxury Metropole Thu Thiem project is expected to launch phase 3 with prices ranging from 300-450 million VND/m2 (phase 2 was 250 million VND/m2).

Additionally, the recently launched Masteri Grand View project, located on Do Xuan Hop and Lien Phuong streets, has a starting price of 100 million VND/m2, while the Opus One project in the Vinhomes Grand Park urban area on Nguyen Xien street also offers a competitive price of around 87 million VND/m2.

Conversely, the South Saigon area is experiencing a significant shortage of new luxury apartment supply. Currently, the only notable project is Essensia Sky, which is being offered for sale at prices ranging from 68 to 79 million VND/m2. This is also one of the rare luxury apartment projects in Ho Chi Minh City with an asking price below 80 million VND/m2.

In the high-end apartment segment, Phu Long's Essensia Sky is attracting attention with its relatively "affordable" price, starting from only 68-79 million VND/m2.

Essensia Sky, developed by Phu Long, boasts complete legal documentation and a prime location on the main North-South arterial road, Nguyen Huu Tho, directly connecting to the Western provinces and just 15 minutes from the center of Ho Chi Minh City. Essensia Sky enjoys a golden location, connecting to Nguyen Van Linh Boulevard and Phu My Hung urban area in just 3 minutes, offering access to a high-income community.

It can be seen that, after the new legal framework was established, the real estate market is on the verge of a resurgence. According to Avison Young, a consulting firm, Ho Chi Minh City will see an additional 6,200 apartments in the last months of this year. OneHousing forecasts that the new supply in Ho Chi Minh City in 2025 will nearly double compared to this year, reaching approximately 12,000 units. However, most new projects are still located in the East, focusing on the high-end and luxury segments, with expected prices exceeding 100 million VND per square meter. Buyers and investors alike face many difficulties in finding suitable properties.

Source: https://baodautu.vn/batdongsan/can-ho-cao-cap-duoi-80-trieum2-ngay-cang-khan-hiem-d230042.html