Which Real Estate Sector Saw the Biggest Price Surge in the Last Decade?

Sustaining the Appeal

At the 2025 Ho Chi Minh City Real Estate Forum: “The Core Hub’…, experts highlighted that as the eastern gateway with vast land reserves and a well-planned layout, Thu Thiem is converging numerous factors to align with a modern CBD model.

Accordingly, in the process of reorganizing development space, HCMC is forming a multi-center model. While District 1 (old) and District 3 (old) serve as traditional economic and administrative hubs, Thu Thiem, with its vision as an International Financial Center (IFC), emerges as a new core center.

This shift not only creates a balance for urban development but also reshapes the central real estate landscape for the next decade.

Currently, the expanded central area includes not only traditional hubs like District 1 (old) and District 3 (old) but also extends to the entire former District 2, encompassing Thu Thiem and Nam Rach Chiec. This area concentrates commercial, financial, and service functions, with synchronized infrastructure, creating a balanced multi-center network for HCMC.

Among these, the Thu Thiem IFC, expected to operate from 2025, is seen as a crucial driver for establishing the city’s new financial hub. Lessons from Yeouido (Seoul, South Korea) show that the emergence of an IFC can create a strong ripple effect, attracting businesses and driving demand for high-quality accommodations, commercial services, retail, and urban infrastructure. In Seoul, Yeouido has become an independent growth pole, operating alongside the traditional CBD.

Thu Thiem is on a similar trajectory, with several strategic infrastructure projects being accelerated. Metro Line 1 (Ben Thanh – Suoi Tien), bridge projects connecting District 1 (old) – Thu Thiem and District 4 (old) – Thu Thiem, and the planned Thu Thiem – Long Thanh railway form an inter-regional transportation network. This foundation attracts residents, experts, and businesses to the East, creating a dual-center dynamic between District 1 (old) and Thu Thiem in the future.

Mr. Nguyen Quoc Anh, Deputy General Director of Batdongsan.com.vn, affirmed that as HCMC gradually develops into a multi-center city, the central real estate market maintains strong appeal, especially for condominiums. Data from Batdongsan.com.vn shows that in the first 10 months of 2025, despite accounting for only 28% of the supply, central condominiums attracted 45% of the interest, significantly higher than other property types.

Notably, the luxury condominium segment (from 80 million VND/m²) in the central area is experiencing robust growth in both supply and interest. In Q3/2025, interest in luxury condominiums increased by 168% compared to the same period last year—a remarkable rise in a still cautious market.

Shifting Trends

Data from Batdongsan.com.vn also indicates that the market has seen several luxury condominium projects setting new price benchmarks. In District 1 (old), some secondary projects reached around 413 million VND/m², while in District 2 (old), prices were around 314 million VND/m². Other projects typically ranged from 101 to 182 million VND/m². Condominium prices are rising due to actual demand and the high prices of real estate options like private houses, which exceed affordability.

In the growth landscape of HCMC’s central real estate market, the Nam Rach Chiec Urban Area (former An Phu Ward) is attracting investor and resident interest. Data from Batdongsan.com.vn shows that interest in An Phu Ward’s real estate in Q3/2025 increased by nearly 10% compared to the previous quarter.

With its proximity to Thu Thiem and direct connectivity to Mai Chi Tho, Song Hanh, and the HCMC – Long Thanh – Dau Giay Expressway, this area hosts numerous luxury projects, such as The Privé (Dat Xanh Group), setting new living standards.

Batdongsan.com.vn data also reveals that from 2015 to 2025, HCMC’s central real estate prices surged across all segments, though unevenly. Land plots led with a 384% increase (from 25 million to 121 million VND/m²), followed by condominiums at 197% (from 31 million to 92 million VND/m²), private houses at 168% (from 56 million to 150 million VND/m²), and street-front houses at 134% (from 92 million to 215 million VND/m²).

The rapid price rise of land plots and private houses is putting financial pressure on buyers, driving a shift toward high-rise condominiums—a more affordable option that still meets living standards, amenities, security, and connectivity needs.

“Long-term, Thu Thiem is not just an extension of the central area but has the potential to become an economic and financial counterweight within 5–10 years as infrastructure and financial projects are completed. The formation of a multi-center network will transform urban operations, driving continued demand for high-quality housing,” said Mr. Quoc Anh.

According to the Deputy General Director of Batdongsan.com.vn, central real estate, including both the old area and Thu Thiem, maintains a special position due to stable demand and direct influence from infrastructure connectivity. These factors ensure the segment’s resilience in the medium to long term, even as the overall market undergoes adjustments.