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Apartment prices increased by an average of 5% to 6.5% in Q2, and up to 25% year-on-year depending on the area and location.
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According to the Ministry of Construction’s data, based on surveys and reports from several provinces and major cities, apartment prices rose by an average of 5% to 6.5% in the second quarter and up to 25% year-on-year, depending on the area and location. The increase in apartment prices was observed not only in new projects but also in older apartments that have been in use for many years.
Ms. Thoa (35 years old) started looking to buy an apartment in early May this year. At that time, after the apartment market surged in the first few months, it had cooled down. There were many listings advertising reductions of 200-300 million VND per apartment. Ms. Thoa and her husband eagerly scoured the city to view properties.
“Every day, my husband and I would meet with real estate agents to view apartments. But it was challenging to find a suitable one due to the limited options available, mostly consisting of older projects that have been in use for over a decade. Many apartments had been renovated, but the outdated design didn’t align with modern functional needs. On top of that, the prices remained high, with owners only reducing them by 200-300 million VND from their expected price,” shared Ms. Thoa.
 Finding a suitable home that fits your finances and needs is always a challenging equation.
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In the North, during the second quarter, some apartment projects saw significant price increases. For example, prices in Royal City rose by 33%; The Pride, 33%; My Dinh Song Da – Sudico, 32%; and Vinhomes West Point, 28%. Even older urban areas like Trung Hoa – Nhan Chinh saw a 25% increase in apartment prices, while resettlement apartments in Nam Trung Yen increased by 20%…
Meanwhile, in the South, Ho Chi Minh City’s apartment market followed the upward price trend in the second quarter of 2024. Notable projects include Saigon Pavillon (District 3) with a 5.8% increase (reaching 103.5 million VND per square meter), Scenic Valley (District 7) with a 7.1% increase (57.9 million VND per square meter), and Republic Plaza (Tan Binh District) with a 7.0% increase (41.3 million VND per square meter).
Mr. Tien from Hau Giang keeps himself updated with real estate and market news to seek profitable investment opportunities and a suitable home for his family.
“As an investor, I previously considered apartments in Ho Chi Minh City, but the current prices are too high for my financial capacity. So, I shifted my focus to Can Tho, which is closer and offers better prices. Through my research, I discovered Cara River Park, a prominent apartment project in the heart of Can Tho. My daughter is currently renting a place while studying at the university here, which costs 3-5 million VND per month. The cost of renting for four years of university, excluding other expenses, is substantial. My wife and I have decided to invest in an apartment to provide her with a safe and comfortable living environment so she can focus on her studies, and at the same time, we can have an asset for future investment.” Mr. Tien emphasized.
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Price Check: Thủ Đức District Hanoi Alleyway House Prices Near Tet Holiday
Compared to the beginning of 2022, the prices of private houses in the alleys of Thủ Đức City (HCMC) have decreased.
Astonishingly high price for old and dilapidated apartment buildings reaching nearly 200 million VND/m2, rivaling the most luxurious condominiums in Hanoi
Old collective apartments with prices starting from 100 million VND/m2 are usually the first-floor units that can be used for commercial purposes, while the upper-floor units are priced at 60-80 million VND/m2 for residential purposes.
