Ho Chi Minh City apartment prices have been increasing by an average of 15-20% every year. The price per square meter of a mid-range apartment in the city has seen a significant rise, from approximately VND 35-50 million in 2015 to VND 50-70 million in 2023.
A recent survey by Cushman & Wakefield revealed that the average price per square meter of an apartment in Ho Chi Minh City reached VND 87 million in the second quarter of 2024. As a result, apartments priced below VND 50 million per square meter have become a rarity in the market, despite the majority of buyers’ demand falling within this segment.
On top of that, developers face a challenging equation regarding land funds and stringent standards for project development according to the new Law. This implies a continued tightening of apartment supply, and consequently, a potential upward trend in primary apartment prices. Hence, there has been a noticeable trend of homebuyers rushing to invest before the price baseline surges further.
Affordable apartment supply in high demand
Akari City (Hoang Nam residential area), a large-scale project in the western part of Ho Chi Minh City, spanning 8.5 hectares, is witnessing strong market interest. This is due to its competitive pricing and well-planned multi-utility design, making it ideal for practical home-buying needs.
Akari City, an 8.5-hectare development located on Vo Van Kiet Boulevard
The final batch of units in the second phase of Akari City is being offered at competitive prices, starting from VND 45 million per square meter. Homebuyers only need to provide initial capital of 30%, with banks offering loans of up to 70%. Additionally, they can benefit from an 18-month interest-free period and a 24-month grace period on principal repayment. This practical financial solution empowers young people and young families to own a home in a context of continuously rising prices.
Akari City marks the fifth collaboration between Nam Long and two century-old Japanese partners, aiming to create a quality, convenient, and modern living space. The project boasts a well-planned multi-layered utility design, featuring the Light Square and a commercial avenue that hosts a range of commercial services, culinary delights, and offices in the heart of the project. It also offers exclusive amenities within each apartment cluster, including a clubhouse, swimming pool, gym, community room, and children’s playground.
Strategically located on Vo Van Kiet Boulevard, Akari City enjoys excellent connectivity, with the city center of District 1 just a 20-minute drive away. Residents can easily access Aeon Mall, MM Mega Market, Ho Chi Minh City University of Economics, and City International Hospital within a 15-minute radius. The Ngo Thoi Nhiem integrated school, just a stone’s throw from the project, is also a notable advantage highly regarded by homebuyers.
Assured progress, ready for occupancy from Q4 2024
Launched in 2019, Akari City has already delivered its first phase, welcoming nearly 2,000 families to their new homes. The second phase, comprising four 30-story towers (AK 7, 8, 9, and NEO) and offering over 1,600 units, is on track to be handed over in the fourth quarter of this year.
As the second phase nears completion, construction work is being intensified, with close coordination between the developer, contractor, and consulting and supervision units. The exterior of the four towers is almost complete, and the highlight amenity, the Light Square, is nearing operation. Meanwhile, the completion of internal utilities and landscapes is being accelerated for upcoming acceptance and handover. This provides an important reference for homebuyers to verify the project’s progress and experience the actual living space.
By choosing an Akari City apartment at this point, customers can rest assured that they will be able to move into their new homes as early as the end of this year. Additionally, they can take advantage of the special offer of up to VND 700 million currently provided by the developer.
Construction work is being expedited to ensure timely delivery, maintaining quality and safety standards.
According to industry analysts, in a market transitioning to a new law with stricter regulations on construction, development, and product sales, which significantly impact future housing prices and supply, soon-to-be-completed projects are considered a safe bet for both owner-occupiers and long-term investors.
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