The average house price in Ho Chi Minh City is 173 million VND/m2, while Binh Duong, Dong Nai, Long An, Ba Ria - Vung Tau are only at 60 million VND/m2, although there is a similar increase.
The price of houses in Ho Chi Minh City is 3 times higher than neighboring provinces
The Global City Townhouse
While Soho townhouses are in The Global project City (An Phu, Thu Duc City) is traded at a price of more than 350 million VND/m2, the most luxurious villas and mansions in Van Phuc City (Hiep Binh Phuoc, Thu City). Germany) has also been opened for sale at the price of 300-350 million VND/m2.
Cushman & Wakefield called these the record high prices of the Thu Duc townhouse market, and at the same time the new peak of Ho Chi Minh City, raising the average price of townhouses in the city to $7,580/m2. , equivalent to 173 million VND/m2. This number is up 30% quarter-on-quarter, 42% year-on-year, and 3 times higher than what was recorded in neighboring provinces.
Although the average selling price in the provinces of Binh Duong, Dong Nai, Long An, Ba Ria - Vung Tau has increased by 46% over the same period, but only reached 2,630 USD/m2, or about 60 million VND/m2.
Perspective The Global City townhouse
Cushman & Wakefield's data shows that the total supply of townhouses in Ho Chi Minh City and these localities from 2004 to now has reached 50,000 units. In which, Ho Chi Minh City contributed 49% with 24,500 units.
By the end of 2022, this unit forecasts that the supply of land houses in these neighboring provinces will be more vibrant than Ho Chi Minh City, following the wave of investment in non-central areas, especially depending on the Ring 3 project. Particularly in the first 3 months of the year, Ho Chi Minh City only welcomed 200 new houses, down 61% compared to the fourth quarter of 2021 and down 31% compared to the first quarter of 2021.
While the new supply of townhouses dropped significantly, the apartment market started to record growth. Considering the four main projects that have been opened for sale since the beginning of the year are Beverly The Resort subdivision in Vinhomes Grand Park (Thu Duc City), Akari City phase 2 (Binh Tan), Masteri Center Point (Thu Duc City), Picity High Park. (District 12), the total new supply was 2,500 apartments, up 14% over the same period.
Although these are only mid-end products with a price of about $2,500/m2, the excitement in transactions in the luxury and ultra-luxury segments has pushed up the average price of the whole market.
Cushman & Wakefield recorded the average market price of primary apartments throughout Ho Chi Minh City up to more than 3,300 USD/m2, equivalent to 75.4 million VND/m2. This is up 8% quarter-on-quarter and 27% year-over-year.
“The selling price of the apartment market has continuously peaked in the past 10 years, mainly due to the increase in land prices in the context of limited land fund, increasing cost of construction materials and the market receiving many luxury and super luxury products. ", analyzed by Ms. Trang Bui, General Director of Cushman & Wakefield.
Even so, only about 2,300 apartments were sold in the quarter, down 20% QoQ and 11% YoY, although the newly added supply increased 14% YoY.
By the end of 2022, this unit estimates that the supply of apartments in the city will reach 10,000 units, with the popularity of the model of large-scale complex urban areas and super luxury apartments appearing on the market. Total supply from 2004 until now reached 315,000 units.
Tập đoàn PCM ký kết thuê 23 căn nhà phố SOHO phát triển khu phức hợp Prime Complex tại The Global City
Update on The Global City Project Progress November 2023, SOHO townhouses are nearing completion for handover