Apartment prices in central HCMC have reached record highs of up to VND600 million (US$23,500) per square metre, fuelling concerns over housing affordability and a widening gap between the property market and average household incomes.
At a recent launch event, Masterise Homes introduced the Lake tower at its Marriott Residences Special Edition project in the Grand Marina complex, with one-bedroom units priced at VND29–31 billion (US$1.1–1.2 million) and two-bedroom apartments at VND33–50 billion (US$1.3–2 million), averaging VND450-600 million per square metre, including taxes.
Developers attribute the prices to premium branding, location, and ready-to-move-in status. However, the trend is not isolated.
Other central-city projects such as The OpusK, Lancaster Legacy, and The River Thu Thiem have also crossed the VND400 million per square metre threshold, while new launches like Lotte’s Eco Smart City are expected to set even higher benchmarks.
According to Knight Frank Vietnam, the average primary market price reached VND97 million per square metre in Q2, up 9.5 percent year-on-year, with luxury units making up over half of the new supply.
Meanwhile, average household income in HCMC stands at just VND150–200 million (US$6,000–8,000) per year, far below what is needed to afford even the most modest unit in these luxury developments.
Analysts warn that the market is increasingly tilted toward high-end buyers, driven by rising land and construction costs, limited central land supply, and demand from wealthy Vietnamese and foreign investors.
Savills Vietnam estimates 70 percent of new apartment launches in 2025 will be in the high-end or luxury segments, deepening the supply-demand imbalance and raising risks of growing inequality.
“Without a policy shift toward affordable housing, the market may become further detached from the realities of most urban residents,” said one industry expert.
