After nearly a decade of renting, Thanh Trung decided it was time to buy a home. With a budget of around VND 2 billion, he hoped to find a two-bedroom apartment with an elevator and a pink ownership certificate.
Despite expanding his search beyond the city centre, suitable options have remained elusive.
The Thuy Loi 4 Apartment Tower in Ho Chi Minh City has been in operation for about 13 years and is priced at VND 4-5 billion (USD 154,000-192,000) per unit depending on size (Photo: Le Tinh).
In Thu Duc, apartments in lower-priced projects are typically offered at VND 45-50 million (USD 1,730-1,920) per square metre. A unit measuring 55-65sqm therefore usually costs between VND 2.5 billion and VND 3 billion (USD 96,000-115,000).
Many of the more affordable properties have already been occupied for eight to 10 years or longer, meaning buyers may face additional renovation costs.
A few units are available for slightly above VND 2 billion, but some lack ownership certificates and can only be transferred through purchase agreements, a factor that concerns many buyers.
Nguyen Tin, another prospective buyer, said he had widened his search to suburban districts and neighbouring areas but still struggled to find apartments within his budget.
A 54sqm apartment in Dong Hung Thuan Ward is currently listed at around VND 2.4 billion (USD 92,000), while a 65sqm apartment in Long Truong Ward is being offered for approximately VND 2.9 billion (USD 111,500).
"Finding an apartment for around VND2 billion is extremely difficult now. Even in areas bordering former Binh Duong Province or Binh Chanh, prices are generally above my budget," Tin said.
Budget apartments increasingly rare
Market data show that apartments priced near VND2 billion have become uncommon across much of Ho Chi Minh City.
Average apartment prices in Go Vap have risen to around VND 58 million (USD 2,230) per square metre, up 28 per cent from a year earlier, pushing the cost of a typical unit to roughly VND 2.9 billion. In Binh Thanh, prices generally range from VND 60 million to VND 70 million (USD 2,310-2,690) per square metre or higher, while apartments in Binh Chanh average about VND 53 million (USD 2,040) per square metre.
Property broker Van Trong said apartments priced at around VND 2 billion in some central areas such as Thu Duc, Binh Thanh and Go Vap are now rare.
"Units offered at that price are often older, smaller or have legal issues that buyers need to examine carefully," he said.
He also warned buyers to be cautious about advertisements promoting unusually cheap apartments, noting that some listings are used primarily to attract enquiries before buyers are redirected to more expensive properties.
The Ministry of Construction reported that average secondary-market apartment prices in Ho Chi Minh City stood at approximately VND 108 million (USD 4,150) per square metre in the second quarter of 2026, despite a slight decline from the previous quarter.
New supply remains concentrated in higher-end segments
Limited options are also available in newly launched projects.
According to Savills Vietnam, around 1,800 new apartments entered the Ho Chi Minh City market in the second quarter, bringing total new supply in the first half of the year to 3,700 units across seven projects.
However, most new developments are concentrated in the Grade A and Grade B segments, with prices exceeding VND 90 million (USD 3,460) per square metre. About 80 per cent of newly launched units are priced above VND 120 million (USD 4,615) per square metre.
Savills said housing supply is recovering, but demand remains constrained by high prices and mortgage costs. The dominance of premium products continues to limit choices for owner-occupiers with moderate budgets.
Dat Xanh Services' Institute for Economic, Financial and Real Estate Research forecasts that primary-market prices may remain stable or ease slightly in the coming months, while some secondary-market properties could see modest price adjustments as owners face loan repayment pressure.
However, analysts believe any decline is unlikely to be significant enough to restore affordability for most households.
Dinh Minh Tuan, southern regional director of Batdongsan.com.vn, said persistently high property prices in central Ho Chi Minh City are pushing younger buyers towards suburban areas and emerging growth corridors, particularly in the eastern part of the city.
Ho Chi Minh City is expected to add around 45,000 apartments in 2026. Former Binh Duong Province is projected to contribute roughly half of this supply, although more than 95 per cent of new projects there are expected to target the mid- to high-end market.
The southern area of the city is forecast to account for around half of new supply in the second half of the year, with prices ranging from VND 90 million to VND 95 million (USD 3,460-3,650) per square metre.
Le Hoang Chau, chairman of the Ho Chi Minh City Real Estate Association (HoREA), said the shortage of affordable commercial housing has persisted for years.
According to HoREA, only 163 affordable commercial housing units were launched in Ho Chi Minh City in 2020, accounting for about 1 per cent of total supply. No additional projects in this category were introduced between 2021 and 2024.
The lack of affordable housing has left many middle-income households in a difficult position: unable to afford commercial housing yet ineligible for social housing programmes.
HoREA has called for policies to encourage developers to build more affordable homes, including support for planning procedures, project approvals and credit access. The association has also proposed preferential loans from the VND 145 trillion (USD 5.6 billion) housing credit package, with interest rates of 6.1 per cent a year for developers and 5.9 per cent for homebuyers.