Only 6-7 billion VND can buy an apartment in HCMC at this time

(Dan Tri) - Recently introduced apartment projects in Ho Chi Minh City have prices reaching or exceeding 100 million VND/m2. Many restarted projects have increased prices by 10-30% or 2-3 times higher than the introduced prices.

After a long period of silence, the apartment market in Ho Chi Minh City has just been stirred up by a number of projects in Thu Duc City. However, the announced prices are all from 100 million VND/m2 or more, belonging to the high-end segment. Previously, in the third quarter report, many research units pointed out that the average price of the apartment market in Ho Chi Minh City is about 70 million VND/m2.

With prices starting from 100 million VND/m2, buyers may have to spend from 6-7 billion VND or more to own the product. Specifically, Masterise Homes introduced the project on Do Xuan Hop and Lien Phuong streets with starting prices from 100 million VND/m2 (fast payment incentives), from 130-140 million VND/m2 excluding VAT (normal payment schedule). The smallest apartment area is 57m2.

Gamuda Land is also preparing to launch the next phase of the project near the An Phu intersection. Previously in May, this investor launched the sale at VND130 million/m2. With this new launch, many brokers said the price could reach VND140-145 million/m2. For the smallest apartment of 45m2, the amount of money buyers need to pay is estimated at more than VND6 billion.

Some other projects have more competitive prices, located in areas further from the center. Vinhomes' project on Nguyen Xien Street has a price of about 87 million VND/m2, or Phu Long's project on Nguyen Huu Tho Street is introduced from 68 million VND/m2.

Apartment prices in Ho Chi Minh City set a new level (Illustration: Hai Long).

Not only with newly launched projects, many restarted projects also have adjusted prices higher than before. Some projects in District 6, District 7, District 8 that have been restarted have increased primary selling prices from 10% to 30% compared to the selling prices in the previous phase. Or the project of Dat Xanh Group in Thu Duc City that was announced to the market in 2018 with an introductory price of 33 million VND/m2, is now preparing to reopen for sale with an expected price of over 100 million VND/m2, about 3 times higher.

A market research firm’s report indicates that primary market prices continue to rise due to a shortage of supply and increasingly limited mid-range projects. The market has established a new price level in the East (including Thu Duc City). Old projects that were previously suspended have shown signs of restarting and all have expected prices to increase 2-3 times higher than the previously introduced prices.

Mr. Vo Hong Thang - Deputy General Director of DKRA Group - said that it is currently difficult to expect real estate prices in big cities such as Ho Chi Minh City and Hanoi to decrease, especially for products that meet real demand. Because input costs for project implementation are all increasing, such as construction materials, labor, loan interest, land costs, etc. On the other hand, clean land is increasingly difficult to find, and the time to complete legal procedures is prolonged, causing investors to lose a lot of effort.

Mr. Dinh Minh Tuan - Southern Regional Director of Batdongsan.com.vn - explained that the central land fund is increasingly narrowing, making the supply of high-end and luxury products increasingly scarce. High-end and luxury projects opened for sale in the period of 2019-2021 still have steady price increases, which is a factor that makes this product line attractive to the eyes of the rich.

Mr. Tuan maintains that apartment projects in Ho Chi Minh City (and Hanoi) in the next 5-10 years will no longer cost less than 100 million VND/m2. Some projects may reach 500 million VND/m2, which has happened in most major cities such as Hong Kong (China), Bangkok (Thailand), Seoul (Korea)...

To own a high-end, luxury apartment, Gen Z may have to work hard, not spend for 30 years, and on the condition that the prices of these projects do not continue to increase.

Source: https://dantri.com.vn/bat-dong-san/co-6-7-ty-dong-moi-mua-duoc-can-ho-o-tphcm-luc-nay-20241116075129891.htm