The property market today saw several notable developments in major urban areas. Ho Chi Minh City is collecting opinions on draft criteria and policies for converting industrial parks and clusters into an eco-industrial model from October 6 to November 6. The city has also allocated or leased approximately 708 hectares of land to Thadico and Becamex for industrial and urban projects. Meanwhile, experts support imposing a 0.2% tax on vacant land but have called for clear criteria to identify such land and limit impacts on businesses and the real estate market. Primary apartment prices in Ho Chi Minh City continued to rise by 12% year on year to an average of VND 110 million per square meter, despite supply increasing by nearly half in the third quarter, according to Knight Frank. The city’s Department of Construction also confirmed that foreign buyers had signed contracts for 57 apartments at the Sensation project in An Khanh Ward, with 24 units remaining in the foreign ownership quota.
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...