Real Estate

The Truth Behind the “Apartment Fever” in Former Thu Duc District

Amidst the bustling activity and numerous transactions, the abundance of available units ensures that there will be no "frenzy" over apartments in the former Thu Duc district.

Administrator

8 October, 2025

In recent days, various social media groups specializing in apartment sales and real estate agents’ personal pages, particularly in the former Thu Duc area, have been flooded with sensational claims. These include statements like “this project is insane,” “buyers from Hanoi are purchasing units like crazy,” or “sellers listed in the morning, sold out by afternoon,” with some even boasting of selling “510 units in a week.”

On TikTok, one account posted a video declaring, “The wave is huge, folks! This project is on fire, buyers are placing deposits online without even viewing the property.” However, in the comments section, many users dismissed these claims as mere hype by real estate agents. One commenter stated, “Nonsense, I’ve been trying to sell my two-bedroom unit for 3 billion VND for two years with no interest,” while another bluntly said, “Agents are just spreading rumors to lure buyers. Only 3-4 units are listed, and no one’s buying.”

Additionally, posts claiming “buyers need 50 units in the former Thu Duc project” have been met with skepticism, with one user sarcastically commenting, “30% deposit, lose it if you don’t buy within a month—agents will cry, but who’s actually buying?”

Sensational posts and videos on social media have misled many into believing the market is booming. Screenshot

However, a field survey conducted by Bao Nguoi Lao Dong on October 7 revealed that the market in this area is not as “hot” as rumored, with hundreds of listed units still unsold.

Many agents admitted that while some buyers from Hanoi have shown interest, there is no actual “frenzy” or “sell-out” situation. Ms. Hoa, a seasoned agent, noted, “Yes, a few Hanoi buyers have placed online deposits for 1-2 studio units priced at 1.7–1.8 billion VND, but these are trusted, long-term investors who rely on agents and property documents, not new buyers rushing in as social media suggests.”

According to Mr. Ta Trung Kien, Deputy General Director of Viet A Real Estate JSC, after conducting surveys, the number of actual buyers is minimal. “A few Hanoi buyers have inquired through agents, but the number of finalized contracts is insignificant. Many agents are falsely claiming ‘sold out’ to create a buzz, causing sellers to withdraw listings under the impression that prices are rising,” Mr. Kien explained.

He added that Zone R of the project, with the lowest prices at 43-45 million VND/m², naturally attracts attention. However, the vast supply of thousands of units from previous investors limits the potential for real price increases.

Ms. Hoa also noted that agents’ hype has misled many into thinking the market is strongly recovering, when in reality, liquidity has only slightly improved compared to the previous slump. This is primarily due to sellers collectively listing properties, not a sudden surge in demand.

Since the beginning of the year, prices in this project have risen by only about 15%, significantly lower than the 20%–50%, or even 80%-90%, increases seen in other areas of Ho Chi Minh City.

This is because the former Thu Duc area has an abundant supply of units, with continuous listings over the past 2-3 years, while rental prices remain low, deterring investors. A fully furnished three-bedroom unit rents for only 10 million VND/month, or even 8.5 million VND without furniture. Tenants are primarily students and young professionals seeking affordable options away from the city center.

Report and photos: Son Nhung

– 15:19 07/10/2025