Data of Batdongsan.com.vn showed in July 2019, the asking price of apartments in HCMC recorded an average of VND37.49 million/sqm, falling 2.1% compared to VND38.28 million/sqm recorded in June. Thus, condo asking price has dropped after 6 consecutive months of increase because of changes in supply.
A major of new condos launched last month belongs to mid-end projects. The absence of high-end project has drawn the average asking price of the whole segment down slightly. Compared to the same period last year, July 2019 still witnessed a growth of 12% in asking price.
The average asking prices of condos in Hanoi and HCMC from July 2018 to July 2019.
Besides the price slide, the condo market in Ho Chi Minh City recorded remarkable prosperity with higher volume and larger number of potential homebuyers. Accordingly, the number of advertised apartments for sale increased by nearly 14% compared to the previous month. High-end apartments are the segments that recorded the largest increase in sales, reaching 21% compared to June. The mid-end and lower segments recorded stable increases of 14% and 11%, respectively.
As numerous new condominium projects are launched in HCMC, the number of visits and search related to the matter also skyrockets. Data from Batdongsan.com.vn showed that the level of interest in buying condos increased by 30% after only one month. The most searched projects are Vinhomes Central Park in Binh Thanh, Vinhomes Grand Park in District 9, and Saigon Riverside in District 7.
The condo segment in HCMC is expected to continue to prosper this August as new projects hit the market. Still, things will be different if key factors like level of interest, the amount of listings or the asking price fluctuate due to the adjustment in supply from developers.
