HCMC apartment prices climb to record nearly $3,500 per square meter

Vietnam’s biggest city saw 924 new apartments launched in the period, 60% of them in the premium segment, according to data from property consultancy Cushman & Wakefield Vietnam.

This preponderance of luxury developments pushed the overall market price to record levels, Trang Bui, CEO of the company, said.

Data from other market research companies confirmed the rising trend.

Property services firm OneHousing said new apartments were sold at an average of VND77 million in the last quarter, up 6%.

High-end apartments accounted for 54% of new supply, mostly in the eastern part of the city, it said.

No project in the primary market has units priced under VND50 million per square meter, it added.

Property services firm DKRA Group said the highest price recorded during the quarter was VND493 million at a luxury project in District 1. Sales rose by 7.3% to 1,331 units.

Cushman & Wakefield expected 1,300 new apartments to be launched in the rest of this year.

Prices may continue to rise due to increasing development costs.

In the next three years 37,000 apartments are set to be added to the market, the majority of them high-end.

Due to the paucity of lands in downtown districts, new projects are set to move to Nha Be and Binh Chanh Districts and Thu Duc City.