Primary apartment sales in HCMC, surrounding areas rise 24% in 2024: report

Sales of primary apartments in Vietnam’s southern metropolis of Ho Chi Minh City and surrounding areas reached 12,506 units in 2024, up 24% year-on-year, according to a report by real estate service provider DKRA Group.

Last year, the supply of primary apartments in the city and neighboring areas amounted to 24,459 units across 113 projects, up 6% compared to 2023. Most of the supply came from HCMC and the adjacent province of Binh Duong, accounting for 53.9% and 39.9% of the total, respectively.

The prices of primary apartments in HCMC ranged from VND37 million ($1,458) to VND493 million ($19,430) per square meter, while in Binh Duong and Dong Nai provinces, the tallies varied between VND29 million and VND61 million per spm.

Selling prices of primary apartments increased by 6-14% in HCMC and by 7% in Binh Duong.

Looking ahead to 2025, DKRA forecasts that HCMC and neighboring localities will see a supply of 13,000-15,000 units, primarily concentrated in HCMC and Binh Duong.

Tier-A apartments, priced above VND50 million ($1,971) per sqm, are expected to dominate the supply in HCMC. Meanwhile, apartments priced at VND30-50 million and those below VND30 million per sqm will likely lead the market in Binh Duong and nearby provinces.

Vo Hong Thang, investment director at DKRA Group, predicted a brighter outlook for Vietnam’s real estate sector, driven by an expected increase in the supply of legally qualified projects.

According to the Vietnam Association of Realtors (VARS), home prices in Vietnam have recorded an average annual double-digit growth over the past decade. Affordable apartments, priced under VND25 million ($982) per sqm, have become virtually “extinct” in the market in recent years.