Market full of expensive apartments

"Over 1,000 units in phase 1 have sold out. Agents are now selling products of the next phase with expected prices starting from VND120 million/sqm. Compared to other projects in the area, this price is very competitive," said T, a broker selling condos at a project in An Phu ward, HCMC.

Although the project has only completed the first few floors, the broker believes it will offer high profitability once finished, with an annual rental yield of 6.5–7 percent.

Also in An Phu ward, another condominium project on Mai Chi Tho street is entering its next sales phase. Only 500 units have been launched into the market. One broker said this is an investment opportunity "not meant for the masses."

In earlier phases, apartment prices in this project ranged from VND160–210 million/sqm. For example, a one-bedroom apartment of nearly 60 sqm was listed for about VND10 billion.

After the first high-rise block, over 800 apartments in the next high-rise phase of a 110-hectare urban development in An Phu ward are now on sale. Prices have increased by 30 percent.

Depending on the location and size, prices range from VND180-300 million/sqm. Notably, the project also offers duplex penthouse units priced from VND45-62 billion each.

In Hiep Binh ward, the developer of a 198-hectare township is launching its first high-rise section with prices ranging from VND120-150 million/sqm. A one-bedroom apartment of 60 sqm is priced over VND7 billion. Penthouse units over 200 sqm are priced around VND16 billion.

In central HCMC, a high-end condo project is also releasing its remaining inventory, priced from VND230-250 million/sqm. With VND10 billion, buyers can only afford a one-bedroom unit of around 70 sqm. Meanwhile, penthouses here are priced up to VND90 billion each.

Middle-income earners 'left out'

According to market research firms, apartment supply in HCMC in Q3/2025 was mostly high-end products, mainly in the old HCMC area. Listing prices reached the highest level in the past two years.

Compared to the same period in 2023, prices of new apartments in the old District 1 area increased by 39 percent, and in the old Thu Duc City area by 40.3 percent. After administrative expansion, the average apartment price in the new HCMC (including Binh Duong and Ba Ria - Vung Tau provinces) is approximately VND100 million/sqm.

Since the beginning of the year, average prices of new apartments in HCMC have continuously increased, from VND94 million/sqm in Q1, to VND95 million/sqm in Q2, and currently reaching VND99 million/sqm.

Despite the price increase, buyer interest is sharply divided by region. Compared to the same period in 2023, the number of buyers searching for new apartments in HCMC dropped by 1 percent, while demand from northern buyers rose by 28 percent.

A recent report by One Mount Group shows that average apartment prices in old HCMC have approached VND100 million/sqm, up 21 percent year-on-year. In newly launched projects, prices range from VND108-131 million/sqm.

After the merger, HCMC has witnessed a significant supply boost with 5,500 new units launched, over 60 percent of which came from Binh Duong. Prices vary widely, from VND30-200 million/sqm; the mid-end segment is mainly concentrated in Binh Duong.

Tran Minh Tien, Director of the Market Research and Customer Insight Center at One Mount Group, said that although prices remain high, the recovering supply, long-term investment trend, and improved legal procedures will be key drivers for the HCMC real estate market to thrive in 2026–2027.

At current prices, according to Tien, households with decent income (VND200 million to VND1.3 billion/year) need around 10 years of work to afford a standard 70 sqm apartment. Most middle-income earners (below VND200 million/year) are almost unable to buy a home; if they try to save up, it would take about 35 years.

According to Nguyen Van Cuong, an experienced broker, there were periods when HCMC apartment prices matched or exceeded those of townhouses. Specifically, in 2007-2008, apartments surged, with some projects in central HCMC and Phu My Hung Urban Area priced at $2,000-$3,000 per sqm, equal to or higher than many townhouses in existing residential areas.

After the 2011-2013 crisis, from 2015-2018, apartments in Districts 1, 2, and 7 were priced at VND70-120 million per sqm, while townhouses in suburban areas within a 5km radius ranged from VND60-80 million per sqm.

Before the apartment market heated up again from 2024, the 2020-2023 period saw primary prices at some high-end projects exceed $12,000 per sqm, or about VND250 million per sqm.

Anh Phuong