Housing in the center of Ho Chi Minh City is always very expensive, especially in prime locations such as Dong Khoi, Nguyen Hue, Ham Nghi, Le Loi (District 1), housing prices can reach billions of VND/m2.
The 4-storey building located at the intersection of Nguyen Hue - Nguyen Thiep with an area of 464 m2 is being offered for sale at 1,996 billion VND. This house is up to 18 m wide and more than 26 m long. Thus, each m2 of the house costs more than 4.3 billion VND. This house is located on 2 street fronts, extremely favorable.
The building is currently being rented by SSI Securities Corporation as its headquarters. According to real estate brokers in the area, SSI pays the landlord about VND1.3 billion/month in rent.
The 4-storey house located on two frontages of Nguyen Hue and Nguyen Thiep streets is being offered for sale at 1,996 billion VND, or more than 4.3 billion VND/m2. (Photo: D.V)
According to VTC News reporters, on Nguyen Hue Street, there are also some houses being traded at prices ranging from 1.6 to 1.8 billion VND/m2. These are houses with a rather small frontage and width, only from 4.2 to 5 m.
Typically, a 4-storey house with an area of 100 m2 is being sold for 170 billion VND or another house with an area of 107 m2 is being sold for 180 billion VND.
On Dong Khoi Street (parallel to Nguyen Hue Street), house prices are also fluctuating from 1.7 - 2.2 billion VND/m2, depending on location and area.
Specifically, a 5-storey house with an area of over 113 square meters is being sold by the owner for 250 billion VND, or about 2.2 billion VND/square meter. This house is only 4.2 meters wide and 27 meters long. The owner is renting it for 295 million VND/month.
Not far from the house above, another 5-storey house on Dong Khoi Street with an area of 120 square meters is also being sold for 250 billion VND. Thus, each square meter of the house is being traded for 1.75 billion VND. This house is being rented for 195 million VND/month.
Dong Khoi Street is one of the streets with the highest real estate prices in Ho Chi Minh City. (Photo: Dai Viet)
On Ham Nghi and Le Loi streets, many houses located on the street frontage are also being offered for sale at prices ranging from 1.1 to 2 billion VND/m2, depending on location, area and construction structure. Notably, an 18-storey building on Ham Nghi street with an area of over 1,100 m2 is being offered for sale at 1.800 billion VND, or about 1.6 billion VND/m2.
Each square meter of street frontage in the center of Ho Chi Minh City has a transaction price of around 2 billion VND. (Photo: Dai Viet)
Ms. Nguyen Thu, a real estate broker in District 1, said that she is brokering many houses in the central area of Ho Chi Minh City. Most of the houses in "golden" locations are priced from several hundred billion VND to thousands of billion VND. However, recently, the liquidity of transactions of large-value houses has not been high.
“In 2018 and 2019, if anyone sold a house with a street frontage in the center of District 1, someone would come and buy it right away. However, after the COVID-19 pandemic, transactions have been very slow. Many houses have not been sold for 1-2 years,” Ms. Thu said.
Mr. Le Van Hieu, a real estate expert in Ho Chi Minh City, shared that with the current economic context, it is understandable that high-value real estate is difficult to "close" quickly, unless the homeowner accepts a deep discount. However, a deep discount is very unlikely to happen, which leads to a situation where buyers and sellers do not have a "common voice", causing a lack of liquidity.
Mr. Hieu assessed that currently, people in Ho Chi Minh City mainly buy low-value houses, under 5 billion VND. House transactions over 10 billion VND are very slow. Meanwhile, businesses and investors find it difficult to spend large sums of money during this period, because they value financial security and protect cash flow more carefully than before.
Mr. Hieu predicts that it will take at least 3 more years for real estate transactions in the central area of Ho Chi Minh City to become as vibrant as before. By then, the economy will have fully recovered, and production and business sectors will have good cash flow, then large-value real estate transactions will return to their golden age.
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