A survey by VietNamNet found that the number of luxury and ultra-luxury apartment projects currently on sale in central HCMC remains limited.

Along the Saigon River, Grand Marina Saigon is among the few projects still releasing products to the market. According to distribution agencies, apartments in this project are priced around $15,000-17,000 per square meter, depending on location and hand-over standards.

In the Nguyen Trai Street area, the Lancaster Legacy project is also among the rare group offering primary inventory. Two-bedroom apartments are currently priced from over VND20 billion, while three-bedroom units exceed VND30 billion.

The central market also recently recorded the return of The Grand Manhattan luxury apartment project in Cau Ong Lanh Ward. Following a hiatus of more than three years due to legal hurdles, Novaland announced it will launch the project's remaining inventory at an expected price of VND350 million per square meter.

In the ultra-luxury segment, the market continues to receive supply from One Central Saigon, situated on a prime land plot with four street frontages opposite Ben Thanh Market. After changing hands multiple times, the project is now being brought back to the market by Masterise Homes.

According to the developer, besides a hotel component, One Central Saigon features 350 branded apartments. While the developer has not officially announced sale prices, distribution agencies estimate expected prices could start at VND1 billion per square meter.

Together with Grand Marina Saigon, Lancaster Legacy, and The Grand Manhattan, the return of One Central Saigon indicates that ultra-luxury apartment supply in central HCMC stems primarily from restarted projects clearing legal bottlenecks, rather than new developments.

Data from research firms reflects a general trend of apartment supply continuing to shift away from the city center. This is a key factor maintaining high price levels for luxury and ultra-luxury apartments in the core area.

According to JLL Vietnam, in the second quarter of 2026, primary apartment prices across the market averaged VND 98.1 million per square meter, up nearly 10.5 percent year on year. However, most new supply originated from the Eastern area, while the central district saw almost no new projects due to dwindling land funds.

CBRE Vietnam noted that new supply in the second quarter was concentrated primarily in outlying areas, further shrinking the supply proportion within former HCMC limits. Reports from DKRA Group and Avison Young Vietnam similarly recorded that the vast majority of new supply was added in newly developing zones rather than the inner city.

The wealthy buy more cautiously

According to Batdongsan.com.vn, home buyers have grown more cautious when deploying capital. Instead of chasing short-term appreciation expectations, buyers prioritize projects with transparent legal status, strong locations, and long-term value retention.

Meanwhile, Avison Young Vietnam noted that the apartment market is entering a period of adjustment and rebalancing following a rapid price surge. A segment of financially capable buyers is actively delaying purchase decisions to await more stable interest rates, favorable credit policies, and reasonable pricing.

However, demand has not vanished but is simply "biding its time," while remaining focused on assets capable of preserving capital and generating cash flow from medium- and long-term leasing activities.

Experts from Avison Young Vietnam believe the market no longer belongs to speculative flippers. Instead, end-users utilizing equity, targeting long-term ownership, or seeking rental yield are becoming the dominant demand force.

Chloe Dang, general director of Vietnam Sotheby's International Realty, observed that Vietnam's luxury residential market is entering a new development phase as domestic and international demand expands.

Wealthy buyers no longer focus solely on owning real estate, but place greater weight on asset quality and long-term value preservation. Projects offering prime locations, clear legal standing, high build quality, distinctive architecture, and limited supply will remain preferred choices for this clientele.

James Miles-Lambert, chair of Vietnam Sotheby's International Realty, also believes Vietnam's luxury residential market is entering a more mature stage.

According to him, real estate advisors are no longer simply facilitating transactions. Instead, they are increasingly helping clients select properties that align with their long-term investment and wealth management strategies. Data-driven advisory services and careful asset selection are becoming increasingly important to high-net-worth buyers.

Anh Phuong