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.

Hung planned to sell his Hanoi apartment last month, but after getting offers at 45% higher than his purchase price, he decided to wait for eve higher prices.

No new apartment project launched in HCMC in the first two months of this year, according to property consultancy DKRA.

The Construction Ministry has retracted a controversial proposal that would have limited individuals to selling or leasing no more than five housing units annually unless they established a company.