HCMC Apartment for Sale Market Q2 2021

Pending new launch events due to the fresh outbreak

The fourth outbreak in June 2021 has delayed launch events and hedged new project entries. Despite an increase of 55% q-o-q and 58% y-o-y, new official launches [2] of 6,046 units in 2Q21 was still fewer than earlier plans. New launches mainly came from the next phases of large projects, including Vinhomes Grand Park in District 9 and Pi City in District 12. Grand Marina in District 1 had the top attention among newly launched projects in this quarter. With 243 initial dwelling units in the first phase, it was the first to enter the ultra-luxury segment in HCMC officially. 

Internal amenities attracted owner-occupier

Despite the pandemic escalation, market demand in 2Q21 still positively increased by 4,815 sold units, up 25% y-o-y. 

Strong sales come from large-scale projects located in suburban districts with full internal facilities attracting mostly owner-occupiers. District 9 and District 12 led the demand with more than 1,677 and 711 take-up units in 2Q21, thanks to the outstanding development quality of integrated township projects in those districts.

Initial entrance of ultra-luxury segment boosted average high-end prices

The high-end market in 2Q21 welcomed the first launch of the ultra-luxury project, driving primary price in the high-end market to grow at USD 4,905 per sqm, up 5.7% q-o-q and 8.3% y-o-y. In the meantime, the average primary price reduced 0.3% y-o-y due to the domination of mid-end projects with lower-than-average prices in the basket. However, the selling price continued to increase on the project base, at around 4-5% y-o-y. The cost escalation of construction material also contributed to this upward trend.

To maintain buyer power, developers offered a new sale strategy and relaxed payment policy. The most highlighted campaign allowed buyers to borrow up to 100% of the house value and free borrowing interest up to 20 months [3].