Vietnam’s residential property prices continue to rise strongly, as demand and supply plummet, according to Global Property Guide, which reported at the end of July that in Hanoi, the country’s capital city, the average price of apartments rose strongly by 16.1% y-o-y in Q1 2023, compared to Q1 2022.

Likewise in Ho Chi Minh City (HCMC), apartment prices rose by 10.3% in Q1 2023 from a year earlier.

But both demand and supply are exceptionally low. In Hanoi, sales for apartments, as well as for villas/townhouses, plunged by 58% and 78%, respectively, in Q1 2023, compared to a year earlier, according to CBRE. Similarly, in HCMC, the number of apartments sold declined by 71% and by 80% for villas and townhouses, according to a report released by Savills.