On July 12, at a National Assembly special oversight session held at the Ho Chi Minh City People's Committee on "Implementation of Policies and Laws on Real Estate Market Management and Social Housing Development from 2015 to 2023," Huynh Thanh Khiet, Deputy Director of the Ho Chi Minh City Department of Construction, reported that economic growth from 2015 to 2019 created opportunities for the real estate market to flourish, attracting both domestic and foreign investors.

Alongside the surge in real estate projects, the market currently faces a shortage of affordable housing, driving up property prices. From 2020 to 2022, the real estate business was heavily impacted by the COVID-19 pandemic. However, by the end of 2023, the market showed positive signs of recovery.

According to Khiet, the contribution of real estate business activities to Ho Chi Minh City's Gross Regional Domestic Product (GRDP) has been decreasing since 2015. In 2015, real estate accounted for 4.73% of GRDP, dropping to 4.27% in 2019 and only 3.56% in 2023.

Regarding market price trends, the Deputy Director of the Department of Construction noted that from 2015 to 2023, apartment prices increased by an average of 15-20% per year.

For affordable apartments, prices ranged from 25-35 million VND/m² in 2015, rising to 40-60 million VND/m² by 2023. Mid-range apartments saw prices increase from 35-50 million VND/m² to 50-70 million VND /m². The luxury apartment segment experienced the most significant growth, with prices escalating from 50 million VND/m² to 70-100 million VND/m².

Statistics indicate that by 2023, apartment prices in Ho Chi Minh City's central areas ranged from 80-200 million VND/m². In suburban areas, prices range from 30-60 million VND/m².

Similarly, land plot prices in Ho Chi Minh City also skyrocketed, from 50-150 million VND/m² in 2015 to 100-300 million VND/m² in 2023.

For townhouses, the price increase from 2015 to 2023 was lower compared to apartments, averaging 10-15% per year.

Khiet assessed that in recent years, the supply of housing in Ho Chi Minh City has remained scarce, unable to meet the demand of the population. Currently, an additional 200,000 people per year have housing needs. Meanwhile, house prices continue to rise, primarily in the mid-range and high-end segments. This makes it increasingly difficult for low-income earners and workers to access housing.

Anh Phuong - Ngoc Thanh