Some 3,000 new apartments are expected to be put on sale in Ho Chi Minh City in the last quarter of 2024, bringing the total new supply for the whole year to 5,000, according to real estate consultants CBRE Vietnam.

The figure is expected to double to nearly 10,000 in 2025.

The housing supply, however, still failed to meet demand in the southern metropolis, according to Mr. Vo Huy Tuan Kiet, head of the residential project marketing department at CBRE Vietnam.

It resulted in persistent high prices that make even interested investors hesitate, he said, adding that developers would likely wait until at least the last quarter of the year or early 2025 to sell new products.

By the end of the third quarter, the primary price of apartments in the city reached VND66 million ($2,637) per sq m, up 4% compared to the previous quarter and 8% year-on-year.

In the secondary market, the apartments saw the average selling prices increase 3% from the previous quarter and 5% from the  same period last year to reach VND48 million ($1,918) per sq m.

Mid-priced apartments costing VND3-5 billion (US$121,000-202,000) accounted for 66% of the transactions.

The low demand has caused many property developers to offer promotions or favorable payment policies to attract buyers.