HCMC apartment prices rose by 15-20% annually last decade: official

By Le Tuyet July 14, 2024 | 12:28 am PT

Buildings in Ho Chi Minh City. Photo by VnExpress/Quynh Tran

Apartment prices in HCMC have been rising by 15-20% every year since 2015, but supply remains than demand, an official has said.

Huynh Thanh Khiet, deputy director of the city Department of Construction, said at a meeting Friday that in 2015 an affordable apartment cost VND25-35 million ($980-1,380) per square meter, but had jumped to 40-60 million by last year.

Prices in the high-end segment increased from VND50 million to VND70-100 million in the period, he said.

In the downtown area, high-end apartments could cost VND80-200 million, he said.

A 2019 census found that 476,000 households, or a quarter of the city’s total number, did not own a home or were sharing one with their family.

Amid its growing population, housing supply is dwindling, he added.

The city targets housing area per capita reaching 23.5 square meters by 2025, but last year the figure had only reached 21.67.

Data from the construction department showed prices in other property segments had also increased to varying degrees since 2015.

Townhouses has risen by 10-15% annually to reach VND100-200 million per square meter in the downtown area last year.

Land prices had doubled from VND50-150 million to VND100-300 million.