High prices and limited supply make the townhouse and villa segment in Ho Chi Minh City compete with projects in neighboring cities for demand.
Savills Vietnam's Q2/2024 data shows that the supply of townhouses and villas in Ho Chi Minh City is in short supply, prices are high, and the absorption rate is decreasing. More than 77% of the total primary supply is priced at over VND30 billion/unit. In addition, the absorption rate is low at only 6%. The high price is far beyond the affordability of the majority of the population.
It is forecasted that by 2026, Ho Chi Minh City will no longer have low-rise products priced under VND5 billion/unit and only 10% of primary supply will be priced under VND10 billion/unit. Meanwhile, products with this price range account for 70-85% of supply in Long An, Binh Duong, and Dong Nai.
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Ms. Giang Huynh, Director of Research and S22M Savills Vietnam, said that townhouses and villas in Ho Chi Minh City are competing with affordable products from neighboring areas of the city. High prices push home buyers for real estate or investment purposes to urban areas adjacent to Ho Chi Minh City where there are more suitable options.
Accordingly, Ben Luc - the "expanded district" bordering Ho Chi Minh City, where infrastructure is developing strongly, is a choice that has been positively recognized in recent times. Some urban area projects recently launched on the market with prices ranging from 3-5 billion VND/unit, with well-planned and invested facilities, have recorded positive interest from the market.
“Easy to go, close to home” – infrastructure creates a solid foundation for urban areas adjacent to Ho Chi Minh City
In recent years, Long An has seen many urban areas light up thanks to the push from infrastructure. In addition to the fact that the transport infrastructure has helped the area “get closer” to the center of Ho Chi Minh City, the need to buy real estate and invest has become a “taste” throughout the large-scale urban areas here. Along with that, reasonable prices and diverse products continue to be “plus points” that promote demand from other areas to shift strongly to Long An.
Recently, the main roads are being actively invested in Long An, creating a boost for the real estate market. It is worth mentioning that the Ben Luc - Long Thanh expressway, 58km long, passing through Long An province, Ho Chi Minh City and Dong Nai, is being accelerated in construction progress. It is expected that in the first quarter of 2025, a 21km section from Ho Chi Minh City to Long An will be opened to traffic. When completed, this route, along with the closing of Ho Chi Minh City's Ring Road 3, will save travel time from Long An to Ho Chi Minh City, Dong Nai and the Southeast provinces, creating a complete regional connectivity axis for the West.
Most recently, the main artery of Luong Hoa - Binh Chanh has officially started construction, along with a series of regional connection projects such as Ring Road 3, Ring Road 4, National Highway 50B, National Highway N1... being promoted for investment and upgrading. All of these create a complete "two-bank" connection point, a support for urban areas adjacent to Ho Chi Minh City. In particular, some urban areas in Ben Luc (Long An) benefit directly due to their gateway position between Ho Chi Minh City and the Mekong Delta region.
Obviously, thanks to the connecting infrastructure, people can "go easily", from which the concept of owning real estate adjacent to Ho Chi Minh City has gradually changed. For today's home buyers, administrative boundaries are no longer a psychological barrier. The concept of the center has been redefined by them. It is the center of satellite cities, convenient for work, convenient for living and convenient for enjoying amenities that ensure quality of life. While the price is affordable, easy to own.
Determination to "light up" and ecological model to lead the trend
The ecological urban model is invested with a diverse utility system, many green areas and full of living experiences, combined with the adjacent ecological industrial park, contributing to the attraction of real estate in the West of Ho Chi Minh City. There, residents can enjoy life in a cool green space with many job opportunities, business and long-term investment.
Recently, the representative of the investor Prodezi said that the 400ha Prodezi eco-industrial park opposite the 100ha LA Home eco-urban area is being urgently deployed and will be put into operation in 2025. This will be a magnet to attract thousands of high-income experts and engineers along with tens of thousands of workers, bringing peace of mind about a sustainable profitable future for the owners of houses at LA Home.
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The LA Home urban area begins with the launch of the LA Sol subdivision. The subdivision includes product lines from townhouses, two-frontage townhouses, canal villas to shophouses. Each product is uniquely designed with harmonious green space.
The internal utility system of La Sol has also been carefully planned by the investor Prodezi to meet the living and experience needs of residents. Highlights include a modern multi-purpose sports center of 1 hectare, Flea Market shopping space; medical service area; internal park combined with aquatic flora and a park system along natural canals running through the subdivision.
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