HCMC new apartment prices rise, secondary market treads water

By Trung Tin   May 6, 2021 | 10:56 am GMT+7
HCMC new apartment prices rise, secondary market treads water
Apartments in Thu Duc City in HCMC. Photo by VnExpress/Quynh Tran.
Apartment prices in the primary market in HCMC increased by 14.6 percent year-on-year in the first quarter, but stayed the same or even fell in the secondary market.

Real estate consulting firm CBRE said that the average price of new apartments was $2,219 per square meter.

Colliers International, another consultancy, said in the eastern part prices have risen 7-9 percent year-on-year since the establishment of Thu Duc City last January.

CBRE forecast a further rise of 1-4 percent in prices in the city’s primary market this year.

The luxury segment is expected to go up by 2-7 percent owing to the emergence of branded residences and luxury apartments – those costing above $4,000 per square meter -- associated with international management brands in District 1.

Savills Vietnam attributed the rising prices to limited supply as the pandemic prevents the construction of apartments and complex procedures make acquiring land for housing projects difficult.

A survey by VnExpress found the average price in the secondary market in the last three quarters remaining at the purchase price and even 2-3 percent lower if sellers are in need of money.

Tran Khanh Quang, CEO of Viet An Hoa Real Estate Investment JSC, a developer, said the prices in the primary market seem to depend on the pricing strategies of sellers.

"The secondary market reflects the real estate market demand more clearly."

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