Ho Chi Minh City aims to raise over VND25.4 trillion (US$1 billion) by auctioning six land lots in its Thu Duc city, including several prime locations in the Thu Thiem urban area.

A 990-hectare urban, eco-tourism, and golf complex in the northern province of Hung Yen with a total investment of $1.5 billion has been approved for investment.

Seoul led globally in prime residential property price growth last year at 18.4%, maintaining an annual double-digit value increase in the last five years.

HCMC has banned apartment owners from leasing their properties for short durations as it seeks to stop unauthorized Airbnb-like services.

Some 10,000 new apartments are expected to hit the HCMC market this year, 80% of them priced above VND65 million (US$2,540) per square meter.

When Oliver Bennett found a suitable apartment in HCMC’s Thu Duc City, he quickly bought it though, at VND6 billion (US$237,150), it exceeded his budget by a billion.

Rents for high-end retail property in HCMC surged to a record US$280 per square meter on average in the first half of the year due to limited supply.

Prices of 8- to 10-year-old apartments in HCMC have increased by 3-8% this year to double or triple their original prices due to high demand.

Few apartments costing less than VND50 million (US$1,970) per square meter entered the Hanoi property market last quarter.

Real estate brokerages in HCMC reported a 6.1% increase in revenues year-on-year in the first half of the year to VND123.9 trillion (US$4.9 billion).

Foreign investors poured nearly US$1.98 billion into the property sector in the first five months of 2024, up 70% year-on-year.

Grade A and B office segments in HCMC saw lower vacancy rates and a number of large lease contracts in the first quarter, real estate consultancy Knight Frank said.