HCMC townhouse prices jump seven-fold in 10 years

They were US$2,000 on average in 2013-2016 and have risen to $14,000 now, it said, adding that supply has increased by almost the same rate.

Property listing platform Batdongsan.com said townhouse prices have tripled in the last five years to VND290 million ($11,944) per square meter.

Prices in the eastern part of the city are 12% higher than average, it said.

Dinh Minh Tuan, the platform’s CEO for the south, said townhouses are an effective investment and could even be considered a safe-haven asset during periods of economic uncertainty.

The growing number of apartment buildings are making townhouses rare and their prices would therefore keep going up, he said.

The Vietnam Association of Realtors attributed the surge in prices to rising demand for residential property.

Tuan said people who want to own townhouses would have to move further and further away, even 30-50 kilometers from downtown.

Trang Bui, CEO of Cushman & Wakefield Vietnam, said property developers have been focusing on the luxury townhouse segment and charge high prices.

The rampant speculation in the land market in 2020-2022 also caused townhouse prices to rise, she said.

Her company estimates around 88,000 new townhouses to be built in the next 10 years.