There are also market rumors of ultra-luxury units nearing $28,000 per square meter.

$720,000 for a one-bedroom apartment

Located in the heart of the city with convenient living conditions and full-service amenities, apartment complexes in central Ho Chi Minh City consistently rank among the most expensive on the market.

Due to limited green space, developers in these areas tend to focus heavily on internal facilities and high-quality living design. Buyers typically come from high-income groups.

A VietNamNet survey revealed that the most expensive apartments in the city are concentrated in four wards that used to be part of old District 1.

At The MarQ in Tan Dinh Ward, prices continue to rise despite units having been handed over years ago. Initial sale prices ranged from $5,600 to $6,000 per square meter. By the time of handover, prices had already increased by an additional $800 to $1,200 per square meter.

Minh Hoang, a broker currently listing units at The MarQ, said prices have risen another 10–12% compared to last year. The current rate ranges from $7,400 to $9,200 per square meter depending on the unit.

“Rental prices are also very high here. A 50m² unit can be leased for $1,000 per month. One of my clients is listing a 3-bedroom, 100m² apartment for $880,000,” the agent shared.

Similarly, units at Vinhomes Golden River have seen dramatic appreciation. Initial prices ranged from $2,800 to $6,000 per square meter depending on timing, but current resale prices are between $7,200 and $10,000 per square meter, with some listings reaching $11,200.

Lancaster Legacy on Nguyen Trai Street, situated in an ultra-rare downtown location, is also being offered at premium rates, approaching $12,000 per square meter.

According to broker Phan Trung, prices at this project were around $9,200 per square meter at the end of last year but have now climbed to nearly $11,200. A 3-bedroom, 105m² unit is currently listed at nearly $1.2 million.

He added that depending on direction and interior design, some units in Tower B are listed at over $12,000 per square meter.

Meanwhile, Grand Marina Saigon, located in one of the most prestigious downtown spots, is seeing eye-watering prices between $14,000 and $24,000 per square meter.

For instance, a 50m² one-bedroom apartment is priced at around $720,000. Three- and four-bedroom units go for $3.2–3.6 million each. Dual-key units (shared entrance, split interiors) are even more expensive.

Rumors swirl of nearly $28,000/m² super-luxury units

Following news that Saigon Glory Co., Ltd., the developer of The Spirit of Saigon project, has repaid both principal and interest on $400 million worth of bonds, hopes have risen for the revival of this long-delayed development opposite Ben Thanh Market.

This mega-project features two towers - 48 and 55 floors - combining retail, hotel, and ultra-luxury residential units. After multiple ownership changes, Masterise Homes is now the project’s official developer.

Although no relaunch date has been announced, brokers have begun floating listings at nearly $28,000 per square meter.

Back in 2020, prices ranging from $18,400 to $22,800 per square meter were rumored, but the project never broke ground, and those prices remained speculative.

At the Ho Chi Minh City Real Estate Forum on November 18, themed “Central Core,” Nguyen Quoc Anh, Deputy CEO of Batdongsan.com.vn, stated that over the past decade, all property segments in downtown HCMC have appreciated. The sharpest increase was seen in land plots, which have surged 4.8 times.

Apartments ranked second, with average price increases of roughly threefold. For example, in 2015, apartment prices in the downtown area hovered around $1,200 per square meter, but they now exceed $3,600.

Compared to landed properties in the city core, condo prices have increased by a factor of 2.3 to 2.7.

According to Quoc Anh, primary market prices now range from $8,000 to $20,000 per square meter and continue to climb at an annual rate of 10–30%.

Anh Phuong