Looking to buy a 2 billion VND apartment in Ho Chi Minh City

Ms. Nguyen Chau, 35 years old, living in Thu Duc City, has been saving for many years to be able to buy an apartment in Ho Chi Minh City. However, recently, housing prices have increased rapidly, making it extremely difficult for her to find an affordable apartment.

For example, an apartment project in Long Thanh My Ward, Thu Duc City with an area of ​​about 54 square meters is being advertised for 3.1 billion VND (equivalent to 57 million/square meter). Meanwhile, her family's stable income is about 30 million VND. If she buys, she will have to borrow more than 1 billion VND.

"Finally, I decided to rent for a while longer. The economic situation was difficult so I didn't dare to take the risk. About 4 years ago, my friend spent only 1.8 billion VND but was able to buy an apartment near Nguyen Xi Street, Binh Thanh District. Now the apartment there is worth nearly 3 billion VND. If I had enough money at that time, I would have bought it too," she regretfully said.

An apartment project in Ho Chi Minh City

Mr. Ngoc Thai, 28 years old, living in Binh Thanh district, is also struggling to find an affordable apartment near the center of Ho Chi Minh City. Apartments priced under 2 billion VND are often old projects or do not have a certificate. For example, an apartment on Go Dau street, Tan Phu district is being advertised for 1.95 billion VND with an area of ​​58 square meters, equivalent to 35 million VND/square meter, but is nearly 20 years old.

Contacting many brokers, he was introduced to an apartment in Go Vap with a price of about 2.2 billion VND, an area of ​​70 m2 (about 34 million VND/m2) but it was also an old house.

According to records, new apartment projects in the center of Ho Chi Minh City with prices from 2 billion VND or less almost no longer exist. Currently, the price of new apartment projects in Thu Duc City fluctuates around 35 - 45 million VND/m2, in Binh Thanh District around 60 million - 75 million VND/m2.

Ms. Le, a real estate broker in Ho Chi Minh City, said that to find a new apartment priced at around VND2 billion, buyers have to go to the suburbs, quite far from Ho Chi Minh City. In the past, buyers would often go to places like Binh Chanh District and District 12 to find a place to buy, but now it is very difficult.

According to Mr. Nguyen Tat Thinh, founder of Housezy JSC, apartments priced at VND2 billion near the center of Ho Chi Minh City still exist but will be very old; there are almost no new projects. Buyers need to make trade-offs and accept living far from the center.

"Buyers may be interested in projects such as Ehome S (Phu Huu ward, Thu Duc city) or 8X Plus (Tan Thoi Nhat ward, district 12)... priced around 2 billion VND" - Mr. Thinh suggested.

According to the report of the Vietnam Association of Realtors (VARs), in the third quarter of 2023, the whole country recorded more than 250 housing projects for sale, most of which are the next phases of the project, providing about 20,000 products to the market.

New supply is mainly concentrated in the Southern market (accounting for 40% of the country). The mid-range apartment segment (VND25-50 million/m2) and high-end apartment segment (VND50-80 million/m2) continue to lead the new apartment supply in the quarter, accounting for 58% and 26% of the total apartment supply for sale, respectively.

The affordable apartment segment (under 25 million/m2) continues to be scarce, appearing in small quantities only in some tier 2 and 3 provinces and cities. The total supply of affordable apartments decreased by 98% compared to 2019.

Source: https://nld.com.vn/kinh-te/do-mat-tim-mua-can-ho-2-ti-dong-o-tp-hcm-20231103133449888.htm