Prices of many prime houses in Ho Chi Minh City are reaching billions of VND per square metre.
 |
| Houses located in the centre of Ho Chi Minh City hold huge valuations |
In the classified ads of the Land and Housing magazine for September, an 87-square-metre house was valued at VND87 billion (USD4.17 million). But even this overvalued property is overshadowed by even more expensive accommodation.
A house on Ham Nghi Road just minutes away from the city centre and located near to Quach Thi Tran Square and Ben Thanh Market is being sold for VND1 billion (USD47,998) per square metre.
Another 105 square metre house is up for sale on Dong Khoi Road, for a whopping VND175 billion (USD8.4 million) – or nearly VND1.7 billion (USD81,579) per square metre.
Such kind of houses are readily available at many real estate trading floors in HCM City, but due to their ludicrous valuations, it can take years for them to sell.
Local real estate experts said land prices in the city centre streets of Dong Khoi, Le Thanh Tong, Nguyen Hue, Ham Nghi and Ly Tu Trong streets are exorbitant.
They said landlords are valuing the houses based on their prime locations, rather than the buildings themselves.