The Ministry of Construction has just announced information on housing and the real estate market in the second quarter of 2024. For the apartment segment, the agency said there have been improvements in supply as well as prices.

According to surveys and reports from several major cities and provinces such as Hanoi and Ho Chi Minh City, apartment prices increased by an average of 5% to 6.5% in the second quarter and 25% annually depending on the area and location.

The Ministry of Construction said that apartment prices increased not only in newly opened projects but also in many old apartments that have been used for many years. However, the agency said that this situation only occurred in a short period of time, and showed signs of slowing down at the end of the quarter because prices were already high and buyers were in a wait-and-see mode.

In Hanoi, the selling prices of some apartment projects on the market increased sharply, specifically in urban areas such as Royal City increased by 33%; The Pride 33%, My Dinh Song Da - Sudico increased by 32%; Vinhomes West Point increased by 28%. Some old urban areas such as Trung Hoa - Nhan Chinh urban area, apartment prices also increased by 25%; resettlement apartment areas in Nam Trung Yen increased by 20%.

The Ministry of Construction said that in order to buy an apartment with a slower price increase, buyers must look to areas far from the center.

Regarding selling prices, data from this unit shows that the selling price of apartments is not less than 3 billion VND. 2-3 bedroom apartments are advertised for sale at 3.2-4.5 billion VND. Primary projects are priced from 40-82 million VND depending on location.

For example, the Lumi Hanoi project costs about 66-82 million VND/m2, Imperia Sola Park costs about 55-72 million VND/m2, The Canopy Residences costs about 57-72 million VND/m2, The Wisteria project costs about 40-60 million VND/m2.

In the secondary market, asking prices at some projects increased by an average of 9.6-13.9% in the quarter.

The apartment market in Ho Chi Minh City is also not outside the upward price trend. The selling price of mid-range apartments in Ho Chi Minh City (price 35-55 million VND/m2) increased by 2%; high-end apartments (price over 55 million VND/m2) increased by 5% compared to the same period in 2023.

The selling price of used apartment projects in Ho Chi Minh City also tends to increase, especially in the inner city. For example, the City Garden apartment project (Binh Thanh district) is selling for an average of VND85 million/m2, an increase of 18% compared to the same period last year. The Antonia project (District 7) and Masteri Thao Dien (District 2) increased by 11% and 10% respectively.

However, according to analysis reports, apartment prices in Ho Chi Minh City may continue to increase in the near future due to the scarcity of new projects on the market.

In the secondary market, the average selling price at some projects increased by 6.1-7.2% in the second quarter.