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HCMC Apartment Prices Reach an Average of 91 Million VND/m², Up 36% in Q4 2024

HCMC Apartment Prices Reach an Average of 91 Million VND/m², Up 36% in Q4 2024

According to Savills Vietnam's 2024 real estate market report, the average price of apartments in Ho Chi Minh City (HCMC) in Q4 2024 reached 91 million VND/m² (excluding taxes and fees), marking a 36% increase from the previous quarter and a 33% increase year-over-year. This is a new record high for the city's apartment segment.

Previously, Avison Young Vietnam reported that 90% of the new supply launched in HCMC in the last three months of 2024 was priced between $3,000 - $5,000/m² (approximately 75 - 120 million VND/m²). Meanwhile, data from OneHousing (a subsidiary of Techcombank) indicated that the average primary sale price in Q4 was about 85 million VND/m², with nearly 40% of the supply in the luxury segment, priced between 120 - 290 million VND/m².


Reasons Behind the Sharp Price Increase

Savills attributed the price surge mainly to the dominance of high-end apartments in the new supply. In Q4 2024, approximately 2,700 newly launched units were in the premium segment, priced above 80 million VND/m². Additionally, the reopening sales of existing projects (3,800 units) were adjusted upwards, ranging from 75 to 450 million VND/m².

For the entire year of 2024, HCMC saw a total of 12,000 newly launched apartments, with 80% priced above 75 million VND/m². In contrast, the supply of affordable apartments (below 65 million VND/m²) was only 1,300 units, marking the lowest level in a decade. Notably, the supply of low-cost apartments (below 50 million VND/m²) accounted for less than 15% of the total supply.

"The market is heavily concentrated on the high-end segment, while affordable housing supply remains limited, leading to an unprecedented rise in apartment prices in HCMC," Savills noted.

A New Price Benchmark in the Market

Trần Quang Trung, Business Development Director of OneHousing, stated that HCMC’s apartment market has now established a new price benchmark. Many previously stalled projects have resumed construction, with projected sale prices doubling or tripling compared to their initial launch prices. Furthermore, most upcoming projects have plans to increase prices by at least 5%.

Cao Thị Thanh Hương, Senior Research Manager at Savills, predicted that the high-end segment will continue to dominate the market this year. In 2025, approximately 10,000 new apartments are expected to be launched, with over 80% priced at 75 million VND/m² or higher. Meanwhile, the affordable housing segment remains scarce, with only 2,000 units (20% of total supply), mostly priced between 50 - 65 million VND/m².


Outlook for the High-End Segment

According to Savills experts, HCMC developers continue prioritizing luxury projects due to high profitability and strong market demand. In Q4 2024, over 76% of successful transactions were for apartments priced above 80 million VND/m², a 5.6-fold increase from the previous quarter and 21 times higher than the same period in 2023.

"As long as the high-end segment maintains strong absorption, developers will continue focusing on this product line in the future," Ms. Hương emphasized.

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Location: Ho Chi Minh City, Vietnam

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