Ho Chi Minh City to see nearly 4,000 prime apartments in H2 2024

Analysts expect demand to recover gradually.

In H2 2024, JLL said the High-end Apartment and Ready-Build Landed (RBL) property markets in Ho Chi Minh City will welcome around 3,800 and 800 new units, respectively. Demand will recover gradually as supply shifts to lower prices, supported by lower interest rate fluctuations and a stabilising economy.

The second half of 2024 is expected to remain stable. Developers and buyers may adopt a cautious “wait-and-see” approach, while price adjustments depend on project launches and short-term economic movement.

Here’s more from JLL:

The High-end Apartment segment recorded 167 transactions in Q2 2024, mostly from Zeit River Thu Thiem (GS E&C). The balance came from inventory carried forward from the previous quarter. Developers offered incentives to stimulate housing demand.

The RBL market continued to see limited transactions, with 42 units sold. This was due to the dominance of high-priced stock and the cautious mentality of buyers towards assets with less liquidity compared to apartments amidst economic uncertainty.

Developers adopt “wait-and-see” strategies

High-end Apartment supply was limited, with 100 units from Zeit River Thu Thiem signing SPAs. However, the soft launch of nearly 900 units from Eaton Park (Gamuda) garnered strong interest, with a nearly 90% booking rate, signalling positive demand.

In Q2 2024, the absence of new launches in the RBL market depleted primary stock to around 300 units. Similar to the Apartment market, the RBL market seems to be more vibrant, with booking activities seen from The Meadow (Gamuda) and L’arcade (PMH).

Selling price moves resiliently

The High-end Apartment primary market saw a 4.2% q-o-q and 3.6% y-o-y decrease to USD 4,998 per sqm after the removal of sold-out high-priced projects. Capital values remained stable, up 1.8% q-o-q, reaching USD 3,565 per sqm amid limited supply.

The RBL primary prices recorded minimal fluctuation of 0.5% q-o-q, staying at USD 4,862 sqm. The capital value growth was humble at 1.2% q-o-q and 5.5% y-o-y as some properties had to lower their expected prices to enhance liquidity.

Note: Ho Chi Minh City Residential refers to Ho Chi Minh City's high-end apartment market.

Also Read

Singapore non-landed private home sales likely to hit record lows since 2008

Here’s a rundown of Singapore’s Q3 non-landed home transactions by region

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit