Holding 5 billion VND is still difficult to buy real estate in Ho Chi Minh City

(NLDO)- Real estate prices in Ho Chi Minh City are increasing too high. With a budget of up to 5 billion VND, many people still struggle to find a suitable house.

Holding 5 billion dong but can't find any satisfactory house

The case of Mr. Ho Quoc Minh, a man from Khanh Hoa who came to Ho Chi Minh City to find a house to settle down for his children, clearly reflects this reality. After more than half a month of looking at more than 10 houses in District 12, Go Vap, and Thu Duc City (old), he still could not close the deal.

The reasons come from many factors: some places have homeowners who need to sell quickly but only reduce the price symbolically by a few tens of millions of dong; some houses advertise a car alley but in reality only three-wheeled vehicles can enter, or are located in areas that are frequently flooded.

“I have 5 billion VND in hand but still haven’t found a suitable house for my children to settle down in Ho Chi Minh City. I am still asking brokers to look for more, if there is a suitable house, I will continue to look,” Mr. Minh added.

Similarly, Ms. Nguyen Thi Hoa, an office worker in Ho Chi Minh City, also had difficulty buying a house despite having a budget of more than 5 billion VND. Her need is a house in a car alley, with a minimum area of ​​60 square meters in Binh Thanh or Go Vap (old) districts, but she has almost no chance of finding a suitable house.

"Affordable houses are often stuck in traffic or severely degraded. Many brokers advise that with this amount of money, you should buy a house in a small alley in a central ward, where it is convenient to travel, but I have not agreed because I am concerned about safety and fire issues. An apartment is also a product that I am considering, but the current price is quite high," she shared.

Even with a budget of 5 billion VND, people still find it difficult to find a suitable house in Ho Chi Minh City.

A representative of a real estate company in Ho Chi Minh City said that with a budget of 5 billion VND, buyers often spend a lot of time to find the right house, especially if they require a car alley and a location in a central ward.

"For those from the provinces, who are used to spacious, airy spaces, the search is even more difficult. Therefore, the advice is that buyers need to carefully survey many areas to have a more general view of the real estate market, as well as understand the prices and especially have to check the legality very closely to avoid risks" - this person suggested.

Prices increased across the board

According to CBRE Vietnam, in the second quarter, the average price of townhouses in Ho Chi Minh City reached VND160-300 million/m2, up 9% over the same period. Apartment prices ranged from VND82-220 million/m2, up 29%. Mr. Doan Quoc Duyet, Director of Tin Thanh Real Estate Company, estimated that apartment prices in Ho Chi Minh City have increased by 15%-30% compared to 2024.

Central wards in old districts such as 1, 3, Binh Thanh, 7 and Thu Duc City (old) currently record common prices of 80-200 million VND/m2, or even higher. The reasons are due to limited supply due to legal issues, scarce land funds while input costs such as steel, cement, sand, and stone increase by 15%-20% from 2023. Stricter requirements on fire prevention, environment and infrastructure also cause project development costs to increase by 20%-30%.

In addition, the trend of developing high-end projects, improving infrastructure with key projects such as Metro Line 1, Thu Thiem Bridge 2, Ring Road 3, along with large capital flows from Hanoi and FDI from Korea and Singapore continue to push up the prices of central apartments. Even old apartments have increased by 10%-15% after the revised Land Law took effect.

Mr. Duyet predicts that by the end of 2025, the price of apartments in the center of Ho Chi Minh City may increase by 10%-15%, showing that the pressure to buy a house will still be heavy, especially for customers with an average budget of around 5 billion VND.

Source: https://nld.com.vn/cam-5-ti-dong-van-kho-mua-nha-dat-o-tp-hcm-196250914141054143.htm