HCM City apartment prices hit record highs, raising affordability alarm
Apartment prices in central HCM City have hit a record 600 million VND (23,500 USD) per sq.m, raising concerns over affordability and income disparity.
High-end apartment buildings in downtown HCM City, where prices have hit record highs of up to VNĐ600 million ($23,500) per square metre. (Photo: VNA)
HCM City (VNS/VNA) - Apartment prices in central HCM City have reached record highs of up to 600 million VND (23,500 USD) per square metre, fuelling concerns over housing affordability and a widening gap between the property market and average household incomes.
At a recent launch event, Masterise Homes introduced the Lake tower at its Marriott Residences Special Edition project in the Grand Marina complex, with one-bedroom units priced at 29–31 billion VND (1.1–1.2 million USD ) and two-bedroom apartments at 33–50 billion VND (1.3–2 million USD), averaging 450-600 million VND per square metre, including taxes.
Developers attribute the prices to premium branding, location and ready-to-move-in status. However, the trend is not isolated.
Other central-city projects such as The OpusK, Lancaster Legacy and The River Thu Thiem have also crossed the 400 million VND per square metre threshold, while new launches like Lotte’s Eco Smart City are expected to set even higher benchmarks.
According to Knight Frank Vietnam, the average primary market price reached 97 million VND per square metre in Q2, up 9.5% year-on-year, with luxury units making up over half of new supply.
Meanwhile, average household income in HCM City stands at just 150–200 million VND (6,000–8,000 USD) per year, far below what is needed to afford even the most modest unit in these luxury developments.
Analysts warn the market is increasingly tilted toward high-end buyers, driven by rising land and construction costs, limited central land supply, and demand from wealthy Vietnamese and foreign investors.
Savills Vietnam estimates 70% of new apartment launches in 2025 will be in the high-end or luxury segments, deepening the supply-demand imbalance and raising risks of growing inequality.
“Without a policy shift toward affordable housingไ, the market may become further detached from the realities of most urban residents,” said one industry expert./.
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