According to a survey by VnExpress, the luxury apartment market priced at 4,000 – 4,500 USD per m2 in Ho Chi Minh City is entering a new era when many new product lines officially appear reaching the ultra-luxury threshold with prices twice as high.
At the beginning of the fourth quarter, an apartment project located on the front of Tran Hung Dao Street, District 1, a prime location a few minutes from Ben Thanh market, was offered by brokers from 7,000 USD per m2.
Meanwhile, an apartment project classified as super luxury on Cong Quynh Street, District 1 by an investor with 100% foreign capital, has been advertising heavily since the beginning of the fourth quarter, and has been approved by investment units.
According to the business plans of some real estate giants in Ho Chi Minh City, at the end of 2018 and early 2019 the market will continue to witness the birth of consecutive projects in the apartment segment approaching the price range of 6,000 – 7,000 VND.
Real estate in the central core area of Ho Chi Minh City.
Director of Savills Vietnam Housing Sales Department, Nguyen Khanh Duy, said that at the end of 2018, the Ho Chi Minh City apartment market suddenly appeared in the luxury home segment, which is a new and different signal compared to the past 4 years.
This expert predicts that the emergence of new super luxury projects will certainly cause the average house price of Ho Chi Minh City to increase in the near future, even though the current selling price has also grown continuously in recent years in the real estate market.
The criteria to consider the super luxury house class, according to Mr. Duy, are projects with very high construction quality, prime location right in the core of the urban center, impressive and different design, and investor.
Mr. Duy added that the concept of super luxury apartments in the Vietnamese market is still considered at a relative level, because compared to other markets in the region, Ho Chi Minh City is only approaching the apartment price range.
General Director of Jones Lang LaSalle (JLL) Vietnam, Stephen Wyatt, said that the popular selling price for luxury apartments on the market is 4,000 USD per m2.
This expert analyzed that the classification of apartments is often based on many factors, which can basically be divided into three groups of standards.
Second is the quality of construction, design, and project management.
Mr. Stephen Wyatt assessed that, in general, the selling price of luxury and super-luxury apartments is 4-7 times higher than the average market price.