HCMC housing prices surge to new peak in Q2

Houses and villas now cost US$9,300 and $11,300 a square meter on average.

Consultancy DKRA Vietnam said a villa project has set a new record of VND700 billion ($29.87 million), with 572 out of 921 units on sale being snapped up.

Prices are skyrocketing due to limited supply as city authorities are prioritizing high-rise buildings, Trang Bui, CEO of Cushman & Wakefield, said.

Prices of single-family houses rose by 6-7 percent in Districts 1, 3 and 7, and by 17 percent in the former District 2 (now part of Thu Duc City).

Inflation was one of the main driving forces as Vietnamese consider housing a safe haven investment, Nguyen Loc Hanh, CEO of property developer Ngoc Chau A, said.