Despite being continuously launched on the market, the luxury apartment segment priced under VND80 million/m2 in Ho Chi Minh City is becoming scarce. This reflects the market shift as supply focuses on the luxury segment, pushing real estate values higher and higher.
Despite being continuously launched on the market, the luxury apartment segment priced under VND80 million/m2 in Ho Chi Minh City is becoming scarce. This reflects the market shift as supply focuses on the luxury segment, pushing real estate values higher and higher.
The market "absorbs" the policy
According to the 2024 Quarterly Report of the Vietnam Association of Realtors (VARS), the real estate market has recorded a positive recovery after a difficult period, thanks to the stability of the economy and the Government's support policies.
In particular, the 2023 Housing Law, the 2023 Real Estate Business Law and the 2024 Land Law coming into effect will contribute to perfecting the legal corridor for the real estate market and opening a new cycle for the market in a safer, healthier and more sustainable direction.
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| New policies have been implemented to help the real estate market stabilize after many years of fluctuations. |
In the first 9 months of 2024, the market recorded 30,589 successful transactions, 2.5 times higher than the same period in 2023. Many new projects launched at the end of September, starting to receive bookings, also recorded a large amount of interest and "huge" deposits.
According to VARS's survey, supply in the second half of 2024 will continue to improve, estimated to increase by about 20% compared to the first 6 months of the year, mainly contributed by the high-end and luxury apartment segment.
In terms of price level, according to data from One Housing Consulting Company, over the past 3 years, apartment prices across Ho Chi Minh City have increased by an average of 12% or more, despite the "frozen" period of the market (late 2022-2023).
Luxury apartment segment sets new price level
The end of the year is considered the "seasonal transition" of the real estate market, some investors begin to push products to the market. However, the outstanding products for sale today are mostly in the high-end segment above 80 million/m2, very few projects in the same segment have a selling price below that figure.
Also according to One Housing, the appearance of a series of high-end, luxury projects opening for sale in the second half of the year has caused the average price of apartments in the East of Saigon to reach a new peak. This level increased by 13% compared to the same period last year and nearly 35% compared to the first quarter of 2022 (the time before the market froze).
In particular, the selling price of the following offers is always higher than the previous one, for example, the Eaton Park complex opened for sale in phase 1 at a price of 130 million/m2, less than 5 months later (phase 2) it increased to 145 million/m2; the King Crown Infinity project restarted also had a selling price of 110 million/m2 (phase 1 was 95 million/m2). Or the super luxury Metropole Thu Thiem project is expected to open for sale the 3rd phase of the product basket at a price of 300-450 million/m2 (phase 2 is 250 million/m2).
In addition, the project that has just been introduced to the market is Masteri Grand View located on Do Xuan Hop and Lien Phuong streets, with a starting price of 100 million/m2, or the Opus One project in Vinhomes Grand Park urban area on Nguyen Xien street also has a competitive price of about 87 million/m2.
On the other hand, the South Saigon area is much scarcer in the supply of new luxury apartments, with the only notable project currently being the Essensia Sky project, which is being offered for sale at prices ranging from 68 to 79 million VND/m2. This is also a rare project in the luxury apartment segment with an advertised price of less than 80 million VND/m2 in Ho Chi Minh City.
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| In the luxury apartment segment, Phu Long's Essensia Sky is attracting attention when it is being offered for sale at a fairly "soft" price, only from 68 - 79 million/m2. |
In particular, Essensia Sky is invested by Phu Long, the project has full legal documents and a convenient location when it is located on the frontage of the North-South arterial road - Nguyen Huu Tho, directly connecting the Western provinces and only 15 minutes from the center of Ho Chi Minh City, the Essensia Sky project owns a golden coordinate when it only takes 3 minutes to connect to Nguyen Van Linh Boulevard, Phu My Hung urban area with a highly educated community.
It can be seen that after the new legal corridor was established, the real estate market is on the rise again, according to the forecast of Avison Young Consulting Services, Ho Chi Minh City will have more than 6,200 apartments in the last months of this year, and according to OneHousing's forecast, the new supply in Ho Chi Minh City in 2025 will have a growth of nearly double compared to this year, about 12,000 apartments. However, the newly opened projects are mainly in the East, focusing on the high-end and luxury segments, the expected price of upcoming projects is over 100 million VND per square meter. Homebuyers and investors face many difficulties in finding suitable products.
Source: https://baodautu.vn/batdongsan/can-ho-cao-cap-duoi-80-trieum2-ngay-cang-khan-hiem-d230042.html
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