Unveiling the Truth: Is the Apartment Fever in Former Thu Duc District Real?

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 “owners listed in the morning, sold 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, many users debunked this as a “hype tactic” by agents. One commenter stated, “Nonsense, I’ve had a 2-bedroom unit listed at 3 billion VND for two years with no inquiries,” while another bluntly said, “Agents are spreading rumors to herd 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, forfeit if not purchased within a month—agents would cry, but who’s really buying?”

However, a field survey by Nguoi Lao Dong Newspaper 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.” Mrs. Hoa, a seasoned agent, noted, “Yes, Hanoi buyers have placed online deposits for 1-2 studio units 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 asked agents to introduce units, but the number of closed contracts is insignificant. Many agents claim ‘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 price range of 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.

Mrs. Hoa also noted that agents’ hype has led many to believe the market is strongly recovering, but liquidity has only slightly improved compared to the previous slump. This is primarily due to sellers flooding the market, 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.

The former Thu Duc area has a large housing inventory, with continuous listings over the past 2-3 years, while rental prices remain low, deterring investors. A fully furnished 3-bedroom unit rents for only 10 million VND/month, or even 8.5 million VND without furnishings. Tenants are primarily students and young professionals seeking affordable options away from the city center.