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Apartment Prices In HCMC Continue To Increase

Apartment sales in HCMC increased

The market situation has improved, the price of apartments in HCMC has increased and is expected to continue to increase in the remaining months of 2016.

In the first quarter of 2016, apartment prices in all segments increased 5% over the same period in the primary market (investors offered) and increased 7% in the secondary market (buy and sell) in many projects in HCMC, according to Jones Lang Lasalle.

According to the latest report of this consultancy unit, apartment prices tend to increase slightly, especially in the middle segment in Districts 2 and 4, which is slightly higher than the rest of the market. Villas and townhouses have maintained higher upward trend, concentrating on projects in District 9.

Apartment sales in HCMC increased
In the last 6 months, the selling price of apartments in HCMC continues to increase

In the second quarter of 2016, the average selling price of Grade A apartments was over VND53 million / sqm, up 9% compared to the first quarter / 2016 and up 17% quarter-on-quarter; Grade C is about 19.6 million/sqm, up 1% quarter on quarter and up 8% on year.

Grade A and Grade C apartments recorded quarterly and yearly increases due to high asking prices from many of the projects. The average price of Grade A apartments recorded a 9% increase compared to the first quarter / 2016 and a 17% increase compared to the third quarter / 2015, reaching an average of over VND53 million / sqm. Grade C apartment sales increased by 1% q / q and increased by 8% y / y to an average of VND19.6m / sqm.

At the same time, the average asking price of Grade B flats fell by nearly 5% quarter-on-quarter and 3% quarter-on-quarter to VND29.5 million.

For the housing market, trading volume fell by 25% qoq and 29% y / y.

Districts 2, 7, 8, Binh Thanh continued to dominate the market, accounting for 54% of the total primary apartment supply; accounting for about 50% of total trading volume in the second quarter / 2016.

Cushman & Wakefield estimates that from the second quarter of 2016 onwards, it is estimated that about 80,000 units are expected to enter the market. Future supply tends to be concentrated in South and East, accounting for nearly 60% of total future supply.

A number of Grade A and Grade B projects are well positioned to receive much attention from investors. Housing market confidence is expected to continue to improve in the short and medium term.

It is estimated that 19 apartment projects in all segments have been launched in the past time with the number of apartments launched up to 8,396 apartments. The above-said projects will be handed over between 2017 and 2018.

You can read more information at Vietnam Real Estate Investment

Apartment sales in HCMC increased

Leading the number of apartments launched is Diamond Riverside (Q. 8); Vinhomes Golden River Project (District 1); Richstar (Tan Phu District); Project River City (District 7). Only the number of apartments launched 4 of the above-mentioned projects accounted for 51% of the total number of apartments on the market.

Housing supply in the HCMC market is going mixed in the segment of apartments and houses attached to land. The number of units sold for the past three months reached 9,720 units, up 28% quarter-on-quarter and 63% year-on-year.

Segments priced at over $ 1,000 per square meter (mid-range) tend to dominate. On the contrary, the number of houses attached to the land was open only 279 units, down 44% from the record high in the fourth quarter of 2015, liquidity also decreased 33%.

It is forecasted that in the remaining quarters of 2016, HCMC will welcome 20,000 homes to be launched and approximately 15,000 apartments completed. Investor confidence will be an important factor boosting sales and selling price will likely continue to upward trend.

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