Currently, the primary price of apartments in Ho Chi Minh City HCM is about 10% higher than Hanoi. Experts predict that in 2024, this gap will be “leveled”.
Report on Ho Chi Minh City apartment market HCMC has just been announced by CBRE Vietnam, showing that in Q1, the whole city only had about 500 condominiums offered for sale. Most of these are still the next phase of projects launched last year, of which there are just over 80 units in the high-end apartment segment in Saigon South.
According to CBRE Vietnam, this is the lowest number of apartments launched in a quarter in the past 15 years in Ho Chi Minh City. HCM. Compared to the same period last year, this supply is only 17%.
The selling price of apartments has not changed much. By the end of Q1/2024, the primary price of apartments in Ho Chi Minh City HCM City reached VND 61 million/m2, unchanged from the previous quarter and down about 3% over the same period last year.
Vo Huynh Tuan Kiet, Director of CBRE Vietnam’s Residential Project Marketing Department, said that in contrast to the Ho Chi Minh City market development. In HCMC, most of the supply of apartments in Hanoi comes from the high-end segment, contributing to pushing up primary selling prices. Currently, the average selling price of apartments in Hanoi is up to 56 million VND/m2.
“Q1 is the time to record the difference in primary selling prices of apartments between Ho Chi Minh City. HCM and Hanoi shrank significantly. If in the period of 2021-2022, the primary price of apartments in Ho Chi Minh City. HCMC is 35% higher than Hanoi, now it is only about 10%. It is forecasted that this year, apartment prices in Hanoi will catch up with Ho Chi Minh City. HCM” – Mr. Kiet analyzed.
Meanwhile, Savills Vietnam also said that primary supply in Ho Chi Minh City. HCMC fell sharply when 9 projects suspended sales for legal completion or policy adjustment, 2 projects postponed opening for sale.
At the same time, along with the impact of the Lunar New Year holiday, the situation of apartment transactions in Ho Chi Minh City HCM in the first quarter of this year was also quiet. Specifically, there were only 1,116 transactions, down 63% q-o-q but up 29% y-o-y.
Regarding the sales strategy of developers, Savills Vietnam experts said that Q1 recorded preferential mortgage interest rates within 15 years, appearing for the first time at a project in Thu Duc City.
In addition, many projects are also applying discount policies of up to 24% for standard payment methods to attract customers and boost sales.
