House prices in Vietnam are “cheapest in the world”?

A senior manager from a Ho Chi Minh City-based property firm believes apartments in Vietnam are sold at the lowest prices on earth, fueling a controversial subject among local property firms. 

According to Quang, an affordable apartment in Ho Chi Minh City fetches only 30,000-40,000 USD, while price for a similar flat in other cities in such as Bangkok, Manila or Hong Kong is 300,000 USD.

He also claimed that Vietnam’s property market is facing a huge challenge of sustainable development due to poor profitability ratios and low selling prices. Quang said: “We cannot sell the apartments at high prices at a time when most people are still getting low salaries.”
Le Hoang Chau, Chairman of Ho Chi Minh City Real Estate Association (HoREA) shares the same view with Quang. He said: “It’s true to say affordable houses in Vietnam are cheaper than in many countries.” Even in hi-end segment, there has been a huge price gap between Vietnam and other regional countries like Malaysia, Myanmar and Thailand.