My apartment’s price doubles in six years

March 31, 2024 | 05:00 pm PT
My apartment’s price doubles in six years
Apartment blocks and office buildings in Ho Chi Minh City’s eastern area. Photo by VnExpress/Quynh Tran
I cannot believe that the apartment I bought six years ago for VND895 million (US$36,103.2) has appreciated to VND1.7 billion.

It was initially sold for VND825 million by its developer. However, after six years, the apartment’s price has now reached VND1.7 billion. The other day, when I was looking for a home for my youngest daughter and her husband, I noticed that prices of similar apartments had risen to that level. Previously, we thought that the house could not possibly appreciate, yet now most of our neighbors has already sold theirs.

Meanwhile, my husband and I are quite certain that the actual value of our apartment is only around VND1.4 billion. It is true that apartment prices are escalating by the day. Thinking about this, I am concerned about the future of our children and grandchildren. How will they ever be able to afford a house at this rate?

Anonymous reader

These are comments by other readers about the story shared by the unnamed reader:

Reader Son Son:

"I also own an apartment. Witnessing the rise of apartment prices, on one hand, I feel happy, but on the other hand, I am worried that these are signs of a real estate bubble, similar to the one in 2022. Apartment prices are skyrocketing for no valid reason. I know that the lack of supply is one reason for the price increase, but this has been happening for several years, not just now. It should not lead to such sudden spikes in prices."

Reader Khanhthanh:

"The old apartment I have been living in for 10 years has deteriorated in every aspect, not just the interior but also the entire building. Yet, it is strange that price is about two-thirds of the price of a brand new house. I would rather buy a slightly smaller new house with better quality of life, green spaces and amenities. There is no point in buying an old apartment that is already 10 years old, deteriorated, and lacking in amenities and green spaces for recreation and relaxation.

As for the cheap old apartments, they offer nothing but proximity to a few eateries. Currently, these old apartments are being priced outrageously high, not corresponding with their quality. Therefore, anyone considering investment should weigh their options carefully. Do not buy at sky-high prices now only to have to sell it for half the purchase price to move elsewhere."

Reader Nguyen Duc Minh:

"I think apartment prices are rising rapidly in an unusual manner and over such a short period of time. Therefore, my advice is not to buy one right now. Instead, you can opt to rent one and wait a few years until the prices drop.

Around early and mid-2023, there was still a lot of apartment units available at low prices. However, when prices started to rise, many people rushed to buy out of fear that prices would rise further and they would not be able to afford anything by then.

This is known as the FOMO (Fear Of Missing Out) effect, which is very common in investment. Most people with FOMO mentality end up losing heavily. You should be a smart with your decision because just one mistake could cost you years of hard-earned income."

What do you think about the rising apartment prices?

*These comments were translated into English by AI. Readers’ views are personal and do not necessarily match VnExpress’ viewpoints.

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