Specifically, in Q3, the average asking price of a street-view house in District 1 in downtown Saigon was VND490 million ($21,124) per sqm. This was about 56 percent higher than the average price in neighboring District 3 and 87 percent higher than in District 10.
Alley-view houses in District 1 had an average price of VND259 million ($11,164) per sqm, about 32 percent higher than District 3 and 52 percent higher than District 10.
Regarding apartments, the average price in District 1 was VND114 million ($4,914) per sqm, twice that of the second-ranked District 10.
In recent years, the falling real estate supply in the Southern city while population increases has pushed property prices up, especially in its central districts.
According to CEO of real estate firm DKRA Vietnam Pham Lam, apartment prices in the city have soared by around 50-60 percent in the last five years since supply of Grade C (afforable segment) buildings declined.
In addition, other experts have said that that the delay caused by the city’s real estate administrative procedures has contributed to slower supply and increased prices.
According to the city Department of Statistics, Saigon’s base population at the end of 2018 was 8.85 million people.
- HCMC apartment prices increase faster than rents
- HCMC townhouse prices surge 36 percent
- Hanoi suburbs see faster rise in housing prices than inner areas
- Supply of affordable houses remains low in HCMC
- House prices still rising despite Covid-19 impact
- Ha Noi property market to continue strong recovery until end-2022
- Hanoi: Price gap between inner and surrounding areas falls
- VNDIRECT housing real estate report
- Mini apartments: Housing solutions for low-income people
- Multi Million Dollar Apartments Up For Sale Despite COVID 19
