HO CHI MINH CITY APARTMENT MARKET
SUPPLY: DRIVEN BY FINAL‐PHASE OF EXISTING PROJECTS
In Q2 2025, approximately 2,801 new condominium units were launched - up about 17% quarter-on-quarter - with supply still overwhelmingly concentrated in the high-end and luxury segments.
No new supply recorded in CBD area. Developers with projects in CBD continued to sell off the last remaining units from earlier launches. In this quarter, a luxury project in the East submarket newly launched, pushing the East’s share of new supply to 78% of the market. The remainder was allocated unevenly across other submarkets: West 11%, South 4%, and North 7%.
Leading the market were renowned developers such as Masterise Homes, Vinhomes, and Gamuda Land.
DEMAND: STRONG REBOUND VERSUS PRIOR QUARTER
New sold reached about 2,642 units - up 240% year-on-year and roughly 124% quarter-on-quarter. This surge was driven in part by developers’ stretched-out payment schedules. While the premium segments continue to absorb well, investment demand is beginning to shift toward suburban areas where selling prices are lower.
PRICE: CONTINUED UPWARD TRAJECTORY
Primary prices climbed approximately 2.5% quarter-on-quarter and about 34% year-on-year in Q2 2025. This reflects a squeeze in the affordable and mid-range segments, where supply remains tight.
OUTLOOK: A POTENTIAL RECOVERY PHASE AHEAD
The first quarters of 2025 are broadly seen as the cycle’s trough; from 2026 onward, the market may enter a new recovery phase—albeit slowly, selectively, and with significant polarization. A key challenge is that average primary prices remain very high relative to incomes (the Housing Price-to-Income Ratio remains high, exceeds 20 years). Prices are expected to rise 5–10% per annum, varying by submarket and product quality, rather than in an across-the-board surge.
Supply could grow 15–30% annually from 2025 but will still couldn't compare to the 2022 peak.
Developers are adopting more cautious launch strategies and preparing for well-timed releases. The market will also benefit from new supply unlocked by legal reforms - specifically, amendments to the Land Law and Real Estate Business Law taking effect in 2025
HO CHI MINH CITY LANDED PROPERTY MARKET
SUPPLY: NO NEW SUPPLY RECORDED
HCMC’s landed-property recorded no new project launches. Q2 2025 stock came solely from ongoing-phase and final-phase releases of one project in Thu Duc and one project in Binh Chanh.
This brought Q2 supply down 89% quarter-on-quarter and 75% year-on-year, marking a trough in available landed property inventory. This statistics pointed out the acute scarcity of new supply in HCMC’s landed property market.
DEMAND: PIVOT TO THE WEST
In Q2 2025, the townhouse and villa segment recorded 61 new transactions - down 49% from Q1 but up 3% year-on-year. The West submarket accounted for 72% of deals (44 units), the East 26%, and the South 2%.
This indicates a movement of demand from East to West, where prices have room to rise and reputable developers are leading the charge
PRICE: PRIMARY PRICES CONTINUE TO RISE, WITH SUBMARKET VARIATION
Average primary prices in Q2 2025 climbed about 2.5% quarter-on-quarter to USD 12,277/sqm, but were down 38% year-on-year - largely because stronger West-area demand pulled the market average lower.
In Thu Duc, however, primary prices held near last year’s level at roughly USD 17,687/sqm, reaffirming the East’s premium status within the landed property market. Other areas Binh Chanh, Binh Tan, and Tan Phu posted price gains of 3–9%, with primary rates nearing the market’s absorption ceiling.
OUTLOOK: THE START OF A NEW CYCLE
Although Q2 2025 was expected to witness robust supply, it actually fell short of expectations due to delays in legal clearances, province–city mergers, and a "wait-and-see" stance on forthcoming infrastructure rollouts. From now through end-2027, the landed-property market is projected to add approximately 2,220 units, driven by government measures to resolve legal bottlenecks and by the administrative consolidation of provinces. During this same period, bank interest-rate support initiatives will further spur real estate growth. Major developers with sizable landbanks including Vinhomes, Masterise Group, and Gamuda Land are already gearing up for their next launch phases.
Learn more by downloading our most recent Ho Chi Minh City Residential MarketBeat.
