HCMC apartment prices rise 17 pct

By Dat Nguyen   October 6, 2020 | 05:10 pm PT
HCMC apartment prices rise 17 pct
Apartment buildings in District 2, Ho Chi Minh City. Photo by VnExpress/Quynh Tran.
HCMC apartment prices rose 17.2 percent year-on-year in the third quarter to an average $2,423 due to limited supply, according to real estate consultancy Jones Lang LaSalle.

But they were down 6.2 percent from the previous quarter as several new projects in the affordable and mid-priced segments entered the market with below average prices.

Amid the Covid-19 pandemic, developers are offering extensions of payment schedules, zero interest for longer periods and waivers of maintenance fees for up to two years.

During the quarter 4,975 units were sold, with numbers rising in the eastern part of the city where authorities are considering building Thu Duc City by merging several districts.

Supply is set to increase further in the last quarter with 8,000-10,000 units set to enter the market, taking total new supply this year to 20,000.

This is however only around half the peak number recorded in 2017-18 as the legal issues that have been plaguing many projects remain unresolved.

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