(NLDO) - The price of handed over apartments, especially those with complete pink books, has increased sharply in the past year, with many apartments increasing by 10-20%.
According to a report by Savills Vietnam, the luxury apartment segment continues to lead the real estate market in Ho Chi Minh City with 2,700 transactions in the fourth quarter of 2024, up 43% quarter-on-quarter. The selling price of luxury apartments above VND80 million/m² increased dramatically, accounting for 76% of total transactions.
In contrast, apartments in the affordable segment (priced under VND50 million/m²) only accounted for 18% of total sales, a sharp decrease compared to 2020 when this segment accounted for 50%.
Mr. Troy Griffiths, Deputy General Director of Savills Vietnam, in the fourth quarter of 2024, said that because apartment prices remain high, homebuyers and investors tend to shift to neighboring provinces such as Binh Duong, Dong Nai and Long An, where prices range from only 30-40 million VND/m², instead of continuing to look for new and old apartments in Ho Chi Minh City.
Secondary apartment prices in Ho Chi Minh City have increased sharply over the past year.
Price hike
According to a survey conducted by a reporter from the Lao Dong Newspaper, over the past year, the prices of apartments handed over in Ho Chi Minh City have increased continuously, in some places by up to 25%, especially in apartment complexes with advantages in terms of transportation, convenient infrastructure and complete legal documents. The scarcity of new supply has pushed up the prices of old apartments, making the whole market vibrant but also full of pressure for home buyers.
Ms. Le Thu, who bought an apartment at the Celesta project on Nguyen Huu Tho Street (Nha Be District) more than a year ago for 3.9 billion VND, but by the time she received the house in November 2020, the price had jumped to 4.5 billion VND. According to Ms. Thu, this area has many people buying and selling quite bustlingly.
Meanwhile, Mr. Xuan (living in Binh Thanh District) said that last year he sold a 3-bedroom apartment in Landmark 1 (Vinhomes Central Park) for 9.5 billion VND. Now he heard that the apartment has increased in price to 11.9 billion VND, an increase of about 25%, which makes him "regret it to pieces". Meanwhile, with the money he earned from the sale, he bought another apartment on Nguyen Huu Canh Street (Binh Thanh) at a lower price, but now the price has only increased by about 5%.
Not only sellers feel regretful, many buyers are also disappointed because they did not have time to close the deal. Ms. Thanh Quyen, a resident of The Icon 56 apartment building (District 4), said that a year ago, the owner of the 50 m² apartment she was renting was selling it for about 3.4 billion VND but she hesitated to buy it. Currently, the price of this apartment has increased to 3.8-3.9 billion VND, equivalent to an increase of nearly 12%.
Rents also increased sharply.
Not only the selling price, the rental price of apartments has also increased. Mr. Nguyen Duy, a resident of The Sun Avenue apartment building (Thu Duc City), said that his 2-bedroom apartment has an area of 70 m², last year the rental price was 15 million VND/month. Now it has increased to 16.5-17 million VND/month, the selling price has also increased from 4.1 billion VND to more than 4.5 billion VND/apartment.
According to Mr. Tran Khanh Quang, General Director of Viet An Hoa Real Estate Company, people's demand for apartments for living is increasing. In recent years, there have been very few new projects appearing, while prices are quite high. This makes projects that have been handed over and have stable residents increasingly sought after, pushing prices up rapidly.
Apartment projects with convenient locations or many amenities often increase in price by an average of 5-10% per year. In particular, apartments with advantages such as being near metro lines, expanded main roads or having large commercial centers in operation are all priced higher because the demand for both real estate and investment is very high.
Source: https://nld.com.vn/vi-sao-chung-cu-cu-o-tp-hcm-tang-gia-manh-19625021209054631.htm
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