HCMC house prices were up 10.07% during 2022

Vietnam's property market continues to gather pace, after a sharp slowdown in recent years due to the COVID-19 pandemic. Apartment prices in Ho Chi Minh City rose by a robust 10.07% in 2022 from a year earlier, in inflation-adjusted terms. This followed an 8.42% increase in 2021 and a 14.52% drop in 2020. Yet quarter-on-quarter, house prices declined 8.37% in Q4 2022.

In nominal terms, apartment prices in HCMC increased 15.08% during 2022.

Demand is gradually recovering

Vietnam opened up to foreign homebuyers in 2015 and has expanded strongly since. Majority of buyers come from Hong Kong, Mainland China, Singapore, and South Korea. Unfortunately, Vietnam’s housing market has been badly hit by the COVID-19 pandemic in 2020 – with house prices and rents falling by double-digit figures. The housing market is now showing signs of recovery, as market confidence and demand are slowly improving. 

Rents, rental yields: yields are moderately good at 5%

Vietnam: city centre apartment buying price, monthly rent (120 sq. m)
	Buying price	Rate per month	Yield
Hanoi	$180,000	$1,315	5.50%
Ho Chi Minh City	$252,000	$1,214	4.45%

Recent news: The Vietnamese economy grew by 8.02% in 2022 from a year earlier, far higher than the expansion of 2.58% in 2021 and the official growth target of 6% to 6.5%. In fact, it was the fastest growth seen in 25 years, thanks to robust growth in domestic consumption and exports, and recovering tourism, according to the General Statistics Office (GSO). 

For 2023, Vietnam’s economy is projected to expand by another 6.3%, based on projections by the Asian Development Bank (ADB), making the country the fastest growing economy in Southeast Asia.