Ho Chi Minh City Primary apartment prices in the first quarter decreased slightly by 2.9% compared to the fourth quarter

DNHN - According to Cushman & Wakefield, the average price of primary apartments in Ho Chi Minh City in the first quarter of 2023 decreased by 2.9% compared to the fourth quarter of 2022, reaching approximately USD 3,250/m2.

According to Cushman & Wakefield's newly released flat report for the first quarter of 2023, there were over 1,647 new apartments for sale from both existing projects and new primary projects, an increase of approximately 49% compared to the new supply in the fourth quarter of 2022, but a decrease of 34% compared to the same period in 2022.

In the first quarter of 2023, approximately 1,301 new vehicles were sold, a 32% increase from the previous quarter. The real estate market continues to be affected by the implementation of a new legal framework and the present state of bond issuance. Moreover, the demand indicates buyers' unwillingness to risk a global economic recession. Buyers at this stage are primarily long-term residents and investors, as opposed to short-term investors previously supported by financial leverage.

Cushman & Wakefield reported that the average selling price of primary apartments in the quarter decreased by 2.9% compared to the fourth quarter of 2022, reaching approximately USD 3,250/m2. This price decrease was primarily attributable to new launches of mid-to-high-end projects, whereas the fourth quarter of 2022 witnessed an increase in sales of high-end and ultra-luxury projects.

In the first quarter of 2023, Ho Chi Minh City's real estate market has a feasible signal, but it is still unstable, requiring the city government and real estate businesses to focus on removing obstacles and adjusting. "playground - players - rules" is the formula for resolving the supply-demand mismatch and ensuring competition on the real estate market.

The City Department of Construction reported that in the first quarter of 2023, HCM City confirmed the eligibility to mobilize capital for future housing products of five projects with a total of 7,753 houses, a 290% increase compared to the fourth quarter of 2022 (1,986 units) and a 561% increase compared to the same period in the first quarter of 2022 (1,172 units).

In the first quarter of 2023, there were no newly licensed, eligible-for-sale, and completed social housing projects that were formed in the future.

In the city, there is no plan to transfer infrastructure-invested land for residential development.

PV (t/h)