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.

Vietnam ranks behind only India as the most sought-after emerging property market in the Asia Pacific, according to a recent survey by property consultancy CBRE.

Investments in HCMC’s export processing zones and industrial zones were worth US$1.012 billion last year, the highest in the last 30 years.

Townhouse primary market prices in Ho Chi Minh City reached a new high of VND350 million (US$14,500) per square meter last quarter, according to property consultancy Cushman & Wakefield (C&W).

Vietnam’s GDP is on a firm recovery track and growth can reach 6% this year, according to lender HSBC.