19 May 2024
Selling prices of townhouses nearly doubled in the third quarter 3

Selling prices of townhouses nearly doubled in the third quarter 3

Ho Chi Minh City In the third quarter, primary real estate projects (investors opened for sale) in the city had an average price of 300 million VND per square meter, nearly doubling compared to the same period last year.

The townhouse market report recently published by Cushman & Wakefield said that in the past quarter, the selling prices of townhouses, villas and shophouses in Ho Chi Minh City increased simultaneously but liquidity was slow.

Specifically, the primary price of townhouses (investors offering for sale for the first time) in Ho Chi Minh City recorded an average of 12,300 USD per m2, equivalent to nearly 300 million VND, an increase of 29.7% quarter-on-quarter and nearly double compared to the previous year.

VnExpress’s records show that in the months of July, August, and September, the ready-built townhouse market (attached to land) only recorded a few new projects offering with a total trickle supply of less than 500 units, concentrated

Real estate market adjacent to Thu Duc City around Thu Thiem area.

In Nha Be district, there is a commercial townhouse project with a scale of 1.5 hectares, located on Nguyen Huu Tho street, selling price of 30-84 billion VND per house.

The shophouse is a component project of a 117-hectare megacity in the old District 2, launching a commercial townhouse product for 360 million VND per square meter.

In mid-August, Savills Vietnam also published a report stating that the secondary selling price of villas in Ho Chi Minh City has doubled compared to 2018, while the price of townhouses also increased by 67% on the secondary market.

According to Mr. Nguyen Mac Hoai Nam, General Director of Nam Phat Consulting Company, the current price of ready-built houses with large areas including villas and mansions in Ho Chi Minh City has reached the price threshold of tens of billions to hundreds of billions of VND, falling into the group of

Ms. Trang Bui, General Director of Cushman & Wakefield Vietnam also pointed out the reason the selling price of townhouses increased is because the supply mainly focuses on the high-end segment, leading to the listed prices of these properties being very high.

Mr. Nam added that the primary selling price of townhouses increased sharply but the secondary selling price leveled off, with no short-term price increases recorded in the past 6 months.

Similarly, according to Cushman & Wakefield, although prices increased, the liquidity of townhouses in the past 3 months only recorded 272 units sold, largely due to credit control policies making buyers more hesitant when making decisions.

Many real estate experts believe that the growth rate of real estate prices in the first 9 months of the year is too fast because investors are strongly psychologically influenced by the Thu Thiem land auction at the end of last year, combined with price slippage.

Experts recommend that land-based real estate in Ho Chi Minh City is currently not a game for small capital investors with short-term cash flow.

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