Pre-owned apartments in central districts have garnered renewed interest. In mid-October, a one-bedroom apartment on Nguyen Dinh Chieu Street in District 3, spanning 42 square meters and featuring a separate house ownership certificate, was listed for sale at VND2.3 billion (US$90.626). After a 10-day listing and a VND-30-million price reduction ($1,200), the property found a buyer.
Similarly, a family in Go Vap District sold a 62-square-meter apartment with two bedrooms and full furnishings for VND2.2 billion ($86,700), despite its 10-year use and no house ownership certificate.
In the suburban districts of 12, Go Vap, and Tan Phu, there has been a notable increase in demand for terraced houses priced between VND3 - 5 billion ($118,000 – 197,000).
Nguyen Thanh Long, a senior real estate agent in District 12, attributed this surge to concerns about potential price hikes to the implementation of the new land price list. Consequently, many buyers have been securing properties in narrow lanes since the third quarter of 2024.
While the land plot market has been relatively quieter, some notary offices in HCMC have reported increasing activities. For instance, a notary office on Phan Van Tri Street in Go Vap District handled 10 property transfer transactions on a single morning of October 25.
Real estate developers in Ho Chi Minh City are obviously gearing up for new project launches in the fourth quarter. Approximately 12 projects, including several with previously resolved legal issues, are slated for launch, with anticipated price increases.
For example, the DatXanhHomes Riverside project in Thu Duc City (formerly known as Gem Riverside), with around 3,200 apartments, is being aggressively marketed this quarter, with projected prices significantly higher than the 2018 launch (VND100 million ($3,940) per square meters now compared to VND33 million ($1,300) in 2018).
Savills Vietnam's fourth-quarter 2024 market report indicates that the completion of infrastructure projects such as Nam Ly Bridge in Thu Duc City and Nguyen Van Linh Underpass in District 7, along with the upcoming launch of Metro Line 1, will stimulate the real estate market. The quarter is expected to see the launch of 6,700 apartments, including notable projects like Vinhomes Grand Park - The Opus One, and The Forest Gem.
Chairman Le Hoang Chau of the HCMC Real Estate Association noted that the adjusted land price list may not immediately impact the market due to the surplus method used for valuing commercial housing projects. However, he expressed concerns about speculators and real estate brokers potentially exploiting the new pricing to inflate prices. He emphasized the need for stronger regulatory measures and increased public awareness of the new regulations.
Head Pham Dang Ho of the Housing Development and Market Unit under the HCMC Department of Construction announced that the city has streamlined procedures to expedite project approvals following the enactment of the 2023 Housing Law and Decree 100/2024/ND-CP.
In the immediate future, for investment procedures involving planning and land, when reaching the investment approval stage, planning factors and procedures for land allocation and lease will be considered simultaneously.
Once the investment principle is approved, the process will move on to subsequent steps such as 1/500 scale planning, land allocation, and land use fee calculation, aiming for a streamlined and expedited process.
