New apartment prices in Thu Duc City outpace rest of HCMC

In the busiest area of Thu Duc, the erstwhile District 2, new apartments cost US$5,000-8,000 per square meter, according to a market report for the second quarter by real estate consultancy Avison Young Vietnam.

They are $2,200-3,500 in Thu Duc’s former District 9 area, which is further away from downtown HCMC, the firm said.

Prices in other areas of the city have only increased by 5% from the first quarter, it said.

The bigger rise in Thu Duc was due to a jump in high-end supply. For instance, some new luxury apartments on Mai Chi Tho Street have sold out at VND170 million (US$6,700) per square meter while at another recent project prices are VND130 million.

This reflects the broader trend seen in the apartment segment, which is dominated by premium offerings.

According to property consultancy CBRE, over 70% of new units launched in the second quarter were high-priced.