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HCMC residential market feels the heat as credit flow tightens

Xuan Pham • 25/07/2022

While the selling rate decreased in Q2 due to rising interest rates and difficult access to capital, selling prices still peaked


In the first half of 2022, there was about 10,700 new units of apartments in HCMC, according to a report by Cushman & Wakefield. Mid-end supply dominates the market with about 9,600 units launched, coming from Beverly Solari (Vinhomes Grand Park), LUMIERE Boulevard (Masteri Center Point), MT East Mark City, Urban Green, King Crown Infinity, and Fiato Premier.

For landed houses and villas, 194 units were launched. Thu Duc City is being developed into the focus area for landed houses with 2 large-scale projects: SOHO Shophouse (Global City) and The Rivus Elie Saab - a villa project with a view of Dong Nai River.




Source: Cushman & Wakefield


The average price of apartments in Q2 2022 ranges from US$1,556 /sq.m (approximately 36 million VND) to US$15,009 /sq.m (approximately 348 million VND). The price for villas and landed houses is US$11,000/sq.m (approximately 255 million VND) and US$9,300/sq.m (approximately 216 million VND), respectively. 


HCMC Table 1

Source: Cushman & Wakefield


With projects that have been launched for more than 3 quarters, the primary selling price has remained stable. Meanwhile, for large-scale integrated projects, primary selling prices increased by 1% to 3% QoQ. This price fluctuation is to ensure the benefit of both investors and previous buyers.

Thanks to the economic recovery and improvements in living standards, the proportion of middle-class households in HCMC has also increased. Investors have adapted in time to "flexibly" promote suitable products to meet the needs of these households. As for demand, the number of apartments sold in Q2 2022 reached 9,048 units, nearly equal to the total sales volume of 2021 - 10,145 units. Townhouses’ sale reached 173 units, a 10-unit decrease QoQ, and villas’ sale was 45 units, down half compared to the previous quarter.

“Credit control” is a keyword mentioned constantly on market since the beginning of April, as many banks began to tighten the disbursement of real estate loans. Credit control is a request from the State Bank to limit speculation and price inflation. As loans are difficult to access, individual investors are more hesitant, especially for high-value products such as townhouses and villas, leading to a decrease in sales compared to the previous quarter.

Developers with financial strength and investors who are less dependent on financial leverage will be less affected. To boost sales, most developers have supported buyers with adjustments in payment terms in line with sponsor banks’ credit policy.


HCMC Table 2

Source: Cushman & Wakefield

The Thu Thiem 2 bridge, which crosses the Saigon River and connects Thu Duc city to District 1, was recently opened to traffic. This event has driven more demand into an already bustling area that is East of HCMC. Additionally, Ring Road 3 and Metroline 1 are being "urgently" completed, and these future traffic advantages help the area maintain its position as the center of attention for property developers. Cushman & Wakefield expects that the residential market next year will be dominated by supply from the East and Southern areas. By 2023, about 30,000 and 35,000 units will become available, with stable demand for living and investing.

On the other hand, the landed-houses market in Ho Chi Minh City is still in a shortage of supply from 2019 until now. We expect supply will improve over the next 3 years with 7,859 units launched, driven by new policies and the government’s commitment to infrastructure development in areas far from the city center.

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US Dollar exchange rate: 23,200 VND

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