HCMC villa, townhouse prices top million dollars

By Ngoc Diem   March 4, 2024 | 11:04 pm PT
HCMC villa, townhouse prices top million dollars
Low-rise properties in Ho Chi Minh City. Photo by VnExpress/ Quynh Tran
Nearly 70% of villas and townhouses sold in HCMC cost over VND30 billion (US$1.2 million) each, according to real estate consultancy Savills Vietnam.

In 2023 their supply in the primary market fell by 40% to less than 1,000 units, and a mere 290 were sold, down 70% and the lowest number in half a decade.

According to another real estate consultancy, DKRA, last year the highest price for a new villa or townhouse was VND60 billion and the lowest was VND7.3 billion.

In its report on 2023 real estate firm Avison Young said the average price per square meter was $7,000-9,000.

Giang Huynh, associate director at Savills Vietnam, said the scarcity of land in the city has pushed up housing prices.

According to its urban development plans for until 2030, the city will focus on high-rise buildings to optimize land plots and meet the large housing demand.

"Villas and townhouses at high prices are mainly sold to wealthy people, and are increasingly scarce."

This year 1,400 of them will enter the market, with 65% being priced at VND20-30 billion each, Savills has forecast.

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