CBRE: Apartment prices in HCMC will increase by 4% in 2017

CBRE’s latest report on HCMC real estate market. HCMC showed that the number of units offered in 2017 decreased, but the structure of products suitable to help absorption of the market is still very good and average apartment prices have increased by 4% compared with 2016.

On January 4, CBRE Vietnam Limited announced the fourth real estate market report for 2017. Accordingly, in the last quarter of last year, the market received an additional 8.559 apartments, bringing the total supply Year-to-date at 31,106 units and total cumulative supply at 228,903 units.

CBRE: Apartment prices in HCMC will increase by 4% in 2017

CBRE: Apartment prices in HCMC will increase by 4% in 2017

Total supply in 2017, down 18% from last year, has enabled the market to absorb inventory from 2015 and 2016. This is the period when products are more invested in design, Finished materials to meet the increasing needs of customers. Sales and marketing strategies are well prepared.

In terms of the proportion of product segments, the mid-end segment accounted for 64% of total supply in 2017, compared with 40% in 2015, showing a strong shift of markets to meet buyer demand. and create the foundation for a sustainable market. In terms of location, the apartment market in HCMC continues to expand to the East and South Saigon area.

Consumption in the fourth quarter and the year 2017 is quite satisfactory in the segment. In this quarter, 8,934 apartments were sold, up 23% qoq and 29% lower than the previous year. Total unit sales in 2017 reached 32,905 units, down 5% from the previous year, but the first year in five years, the number of units sold exceeds the total number of new units sold in the year.

The average sales of new projects are 75%. Consumption rates of 90-100% were noted in some projects of prestigious investors and good locations such as Empire City, d’Edge, Saigon South Residence, Lavita Charm, Mizuki Park. The middle segment occupies 60% of units sold in 2017.

Average selling prices in the primary market in the fourth quarter of 2017 were at $ 1,564 per square meter, up 4.8 per cent from the previous quarter and down 3.6 per cent from the same period last year. This significant drop from last year was due to an increase in mid-segment supply in the fourth quarter.

For the whole of 2017, the average selling price was $ 1,558 per square meter, up 4% from 2016. The premium segment recorded a 4% increase over the previous year thanks to the launch of high quality products. From the prestigious developers such as d’Edge Thao Dien, Empire City, Sunwah Pearl, Diamond Island.

CBRE forecasts that in mid-2018, mid-range products will continue to occupy high proportions with a modest amount of premium and luxury segments being introduced, laying the foundation for a more sustainable development.

In the area, the East and South Saigon will continue to be the hot spots of the market next year with many new projects in districts 2, 7, 8, Binh Thanh such as One Verandah, GEM Riverside, Midtown, High Intela, Green Field. Sales in 2018 are expected to increase by an average of 3%, of which the luxury and luxury segment will grow by 5%, while the mid-end and mid-end segment will increase at least 1.5%.

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