HCMC – New apartments in Thu Duc city average 130-170 million VND per square meter in the second quarter, up 10% compared to the first three months of the year and double that of other areas.
The Q2 market report from the real estate consulting firm Avison Young Vietnam states that in Thu Duc City, the average price (primary and secondary) in the old District 2 ranges from 5,000-8,000 USD per square meter. Meanwhile, projects in the former District 9 and Thu Duc District are about 2,200-3,500 USD per square meter. Primary prices in this area alone have increased by 10% compared to Q1, double the rate of other areas in Ho Chi Minh City (5%).
Apartment prices in Thu Duc are rapidly increasing because the new supply in this area mainly consists of high-end projects. Accordingly, luxury apartments on Mai Chi Tho Street, An Phu Ward, have sold out the remaining units in the final phase at 170 million VND per square meter. Another recently launched high-end apartment project has also recorded a take-up rate of over 70%, with an average price of about 130 million VND per square meter, excluding VAT.
The trend of apartment prices in the eastern area of Ho Chi Minh City currently being offered on the market is part of the overall increase in this segment. According to CBRE, a real estate consulting and investment management firm, over 70% of newly launched apartments near the center of Ho Chi Minh City are positioned from high-end to luxury, averaging over 63 million VND per square meter. Additionally, some older projects in the central area have been re-launched, with asking prices nearly doubling compared to before.
In the secondary market, this segment also increased by 4% compared to Q1 and 3% year-on-year, according to CBRE. Even areas far from the center, which have abundant supply and previously recorded losses, have begun to see asking prices rise by 2-3%. Homeowners are more confident due to positive news about completion, the opening of new amenities, and regional infrastructure.
Housing prices were higher in the second quarter due to limited primary supply. Statistics from Savills show that the number of apartments launched in the first half of the year was 6,751 units, more than half of which are located in Thu Duc, while the western market (Binh Tan, Binh Chanh) accounts for 29%.
This consulting firm forecasts that the market will see an additional 6,200 apartments in the second half of this year. In Thu Duc City alone, a series of projects like Empire City, The Metropole and The Opus One will continue to release units. By 2026, the market is expected to add about 35,600 apartments, with 52% located in Thu Duc, and 12% and 8% in District 7 and Binh Tan, respectively. Along with the increased supply, asking prices are also projected to rise by 5% compared to 2023, according to CBRE's estimates.
Source: VnExpress
