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Average apartment price in Ho Chi Minh City increases by 12.3% in May

Average apartment price in Ho Chi Minh City increases by 12.3% in May

Under the pressure of lack of new supply, prices of apartments in Ho Chi Minh City (HCMC) last month continued to rise by 12.3% on average.
00:00, 23/06/2019

According to data of Batdongsan.com.vn, the average asking price of apartments in HCMC in May reached VND 37 million per sqm, increasing by 0.8% over last month and up 12.3% compared to April 2018. 

HCMC apartment prices are expected to be on the upward trend in the second half of this year. The price increase in May doubled the firgure recorded in the previous month. Specifically, apartment price in April rose only 0.4% compared to March, while the May’s price was 0.8% higher than April.

This upward trend is inevitable as the average price of apartments depends on the offering price of the newly launched supply. In the last three months, HCMC market has not seen any new apartment project implemented. Particularly in May, new supply mainly came from three existing apartment projects under the next phase of construction, including one mid-end project and two high-end ones. Prices of those luxury apartments have led to an increase in the average price of the market.

Despite low supply, data of Batdongsan.com.vn showed the number of listings of apartment for sale continues to rise by 10% last month. Meanwhile, the demand for apartments in HMC kept showing signs of decline, while the neighboring areas such as Bien Hoa (Dong Nai), Di An and Thuan An (Binh Duong) witnessed a growing demand.

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