Vietnam has one of the hottest real estate markets and attracts foreign investors in vast numbers. The country has some of the most promising real estate markets in Asia and prices are still comparatively affordable, depending on where you buy.
In this article, we compare Vietnam’s property prices with other countries in the region, the prices in the most popular cities, and more.
How does Vietnam’s property prices compare with other Asian countries?
Vietnam has some of the lowest property prices in Asia and is only behind Indonesia and Cambodia. Looking at Ho Chi Minh City cities, property can be bought for as little as USD 2,269 per square meter on average in the central areas of Ho Chi Minh City.
Apartment prices surged by 22.7% (!) during the first quarter of 2019 in Ho Chi Minh, to an average of USD 2,028 per square meter in that year, according to JLL Vietnam. During the same period, the average price of apartments rose by 6.8% in Hanoi to USD 1,407 per square meter in Q1 2019.
Property costs a fraction compared to places like Hong Kong, Singapore, and mainland China. Prices in Ho Chi Minh City are around 14% of that in Hong Kong and 18% in Singapore.
That said, luxury property costs only 8% of that in Hong Kong on average, which is kind of amazing.
Property Prices by City in Vietnam
Below you can find the property prices in various cities in Vietnam. Let’s start with Ho Chi Minh City.
Ho Chi Minh City
Apartment prices averaged USD 2,028 per square meter in Q1 2019 in Ho Chi Minh City, according to Global Property Guide’s analysis. Below you can find the average prices for street-view houses in different districts, reported by Batdongsan.com.vn:
- District 1: VND 490 million (USD 21,120) / square meter
- District 3: VND 314 million (USD 13,534) / square meter
- District 10: VND 261 million (USD 11,250) / square meter
- Phu Nhuan District: VND 230 million (USD 9,913) / square meter
- Binh Thanh District: VND 189 million (USD 8,146) / square meter
And below the average apartment prices in Ho Chi Minh:
- District 1: VND 114 million (USD 4,913) / square meter
- District 3: VND 55 million (USD 2,370) / square meter
- District 10: VND 50 million (USD 2,155) / square meter
- Phu Nhuan District: VND 46 million (USD 1,982) / square meter
- Binh Thanh District: VND 43 million (USD 1,853) / square meter
Despite being the capital city and the political center of Vietnam property prices aren’t as high in Hanoi as in Ho Chi Minh City. Besides, prices don’t increase as much on a yearly basis.
In Q3 2019, the average price for apartments was USD 1,473 per square meter, which is around 28% lower than in Ho Chi Minh City.
According to FazWaz, the median sales price is approximately VND 4.9 million in Hanoi. At the same time, they report that the median price per square meter is VND 108 million (USD 4,655) per square meter. The Hanoi area currently has around 9,000 properties for sale on FazWaz.
Da Nang is generally cheaper than Ho Chi Minh City, at least condos. Yet, villas located close to the shore can fetch for hundreds of thousands of dollars. Below you can find the median property prices in Da Nang:
- The median sales price is approximately VND 5.41 billion
- The median square meter price is VND 94.1 million
There are around 1,600 properties for sale in Da Nang at the moment.
Questions & Answers
How much does land cost in Vietnam?
Land prices have increased massively in the past years, especially in the central areas of Ho Chi Minh City. According to the evaluation company Gachvang the square meter price is at least USD 30,000 in the area around Ben Thanh market. With that said, foreigners cannot buy land in Vietnam.
Is Vietnam cheaper than Thailand?
Yes, Vietnam property is cheaper than Thailand, especially when comparing Ho Chi Minh City to Bangkok.
In Bangkok, property prices average at around USD 4,620 per square meter in the central areas and USD 2,250 in suburban areas. In Ho Chi Minh City, prices average at USD 2,269 per square meter in the central areas. Property in the suburban area costs USD 1,083 per square meter.