Apartment Prices Rival Those of Townhouses
Despite being the Ghost Month (the 7th month in the lunar calendar), the real estate market in Ho Chi Minh City remains vibrant, particularly in the condominium segment. Primary prices at various projects are held at high levels, reminiscent of the market’s “hot” phases when apartment prices matched or even surpassed those of landed properties.
In the new urban area of Thu Thiem, An Khanh Ward, some units at The Crest Residence tower within The Metropole project are listed at over 200 million VND per square meter.
Specifically, a two-bedroom apartment with an area of 83 square meters is priced at more than 18 billion VND. Meanwhile, in the same ward, a landed property with an area of 90 square meters is listed at 13 billion VND, equivalent to 144 million VND per square meter.
A condominium in Ho Chi Minh City, delivered two years ago, still maintains high prices ranging from 130 to 180 million VND per square meter. Photo: Anh Phương |
Similarly, prices at some nearby new condominium projects are also recorded at relatively high levels. For instance, a 72-square-meter apartment at The Privé project by Dat Xanh Group is listed at 8.6 billion VND, equivalent to nearly 120 million VND per square meter. Meanwhile, a one-bedroom apartment at Lumière Midtown within The Global City urban area by Masterise Homes is priced pre-tax from 7.6 to 8.5 billion VND, equivalent to 160 million VND per square meter.
In the same area, the next phase of the Eaton Park project by Gamuda Land has seen a slight price increase. An 80-square-meter apartment is listed at 11 billion VND, equivalent to 138 million VND per square meter.
According to surveys, within a 3-kilometer radius of these projects, it is not difficult to find landed properties priced between 100 and 150 million VND per square meter.
In Hiep Binh Ward, Diamond Sky condominium by Van Phuc Group is being marketed at 150 million VND per square meter, approximately 30% higher than the common prices of landed properties in the area.
This is the first high-rise subdivision in Van Phuc City urban area. The developer’s lack of experience in condominium projects, coupled with the perceived high prices, raises questions about the project’s liquidity. In contrast, the nearby Urban Green condominium is priced between 60 and 80 million VND per square meter.
Price Inflation Concerns
Commenting on the current dynamics of the Ho Chi Minh City apartment market, Mr. Nguyen Van Cuong, an experienced real estate agent, notes several indicators suggesting a recurrence of past “hot” market scenarios.
According to Mr. Cuong, market history shows that condominium prices in Ho Chi Minh City have occasionally matched or even exceeded those of townhouses. Specifically, during 2007-2008, condominium prices surged, with some projects in the city center and Phu My Hung urban area priced between 2,000 and 3,000 USD per square meter. These prices were on par with or higher than many townhouses in existing residential areas.
Price inflation is one of the factors pushing condominium prices in Ho Chi Minh City close to or beyond townhouse prices. Photo: Anh Phương |
After the 2011-2013 crisis, from 2015 to 2018, condominiums in District 1, District 2, and District 7 were priced between 70 and 120 million VND per square meter, while townhouses in suburban areas within a 5-kilometer radius were only priced between 60 and 80 million VND per square meter.
“At that time, two-bedroom apartments in the city center were priced between 6 and 10 billion VND per unit, matching or exceeding the prices of two-story townhouses in alleys of District 10 or Phu Nhuan District,” Mr. Cuong shared.
Before the condominium market rebounded from 2024 to the present, the 2020-2023 period saw primary prices at some high-end condominium projects surpass 12,000 USD per square meter, equivalent to approximately 250 million VND per square meter.
According to Mr. Vo Hong Thang, Deputy General Director of DKRA Group, it is not unusual for condominium prices to be higher than townhouse prices, especially for high-end projects in prime locations with full amenities. However, the imbalance lies in the dominance of mid- to high-end supply, while affordable and low-income housing options have nearly disappeared.
Mr. Thang noted that in some condominium projects, price inflation driven by profit expectations is prevalent. This is one of the reasons why condominium prices are increasingly approaching or surpassing townhouse prices.
Anh Phương
– 06:00 20/09/2025
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