From an average of approximately VND 35 million/sqm in 2018, homebuyers now have to pay over VND 150 million/sqm for projects in the same segment. This upward trend far outpaces income growth, making the dream of owning a home in Ho Chi Minh City increasingly out of reach for many residents.
Ho Chi Minh City apartments increase by an average of 15-20% annually
Based on market data from 2018 to 2025, apartment prices in Ho Chi Minh City have witnessed significant growth. Accordingly, as of Q1 2025, the report on the real estate market trends released by Cushman & Wakefield revealed that the city’s apartment segment continued to set new price records, reaching USD 4,691 (nearly VND 120 million) per square meter, a 28% increase from the previous quarter and a 47% surge year-on-year. This is the highest average apartment price ever recorded.
In 2024, according to Savills Vietnam, the average price of luxury apartments in Ho Chi Minh City reached around VND 100 million/sqm, a 33% increase compared to the same period last year.
Previously, during the 2018-2023 period, Ho Chi Minh City’s apartment prices increased by an average of 15-20% annually. Specifically, in the report on the implementation of policies and laws on real estate market management and social housing development during the 2015-2023 period, Deputy Director of the Municipal Department of Construction, Huynh Thanh Khiet, stated that the city’s apartments showed a continuous upward trend, with an average increase of about 15-20% per year.
If in 2015, affordable apartments were priced at VND 25-35 million/sqm, by 2023, they had risen to VND 40-60 million/sqm. Mid-range apartments, which were priced at VND 35-50 million/sqm in 2015, increased to VND 50-70 million/sqm in 2023. Meanwhile, luxury apartments witnessed a jump from VND 50 million/sqm to VND 70-100 million/sqm during the same period.
Thus, based on the average annual growth rate published by market research firms and the Municipal Department of Construction, apartment prices in Ho Chi Minh City during 2018-2025 have experienced remarkable growth if calculated using compound interest. For instance, with an average price of approximately VND 35 million/sqm in 2018 and a steady 15% annual increase from 2018 to 2023, a 33% surge in 2024, and a 47% jump in 2025, the price per square meter by the end of 2025 could reach around VND 158.28 million. In seven years, apartment prices in the city have increased by about 4.5 times, equivalent to a cumulative increase of up to 352%.

Data compiled based on reports from the Municipal Department of Construction (from 2018 to 2023), Savills (2024), and Cushman & Wakefield (Q1 2025)
In fact, since the end of 2023, despite a slowdown in the real estate market, apartment prices in Ho Chi Minh City, especially in the luxury segment, have continued to rise and show no signs of cooling down. Despite cautious forecasts, the average price of apartments in the subsequent quarters has consistently set new highs compared to the previous ones.
Income growth fails to keep up with soaring property prices
According to experts, the scarcity of supply, especially in the mid-range and affordable segments, is the main reason why apartment prices in Ho Chi Minh City have not found a ceiling. The rate of increase in apartment prices has far outpaced the growth in people’s income, creating a widening gap between demand and affordability.
In reality, the continuous rise in property prices over the years is due to the limited supply of commercial housing projects, leading to a scarcity of supply following the law of “supply and demand.” According to the Ministry of Construction’s assessment, with the “adjusted land price table” in 2024, housing prices could increase by another 15-20% in 2025.
Additionally, during the sales process, units sold in later phases are usually priced higher than those in earlier phases. As a result, residents face increasing challenges in accessing housing as income growth fails to keep up with soaring property prices. In the future, primary apartment projects will likely command higher price levels as developers aim to optimize profits amid rising input costs.
According to Ho Chi Minh City’s housing development program for the period of 2021–2030, in the five years from 2026 to 2030, when the population is expected to reach 11.29 million, the city plans to build an additional 57.5 million square meters of housing to meet the needs of its residents and achieve an average living space of 26.5 square meters per person. However, up to now, the city’s housing supply stands at only 800 units.
It is projected that in 2025, Ho Chi Minh City will see the launch of over 8,600 new apartments, mainly concentrated in the city’s peripheral areas (according to Savills’ Q1 2025 report). This figure meets less than 2% of the demand for the next five years, indicating that the actual demand for apartments in the city remains substantial.
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