House Prices in Saigon

Depends on the area you chose to live in.

Of course it would, just saying that Saigon would be the last place to see such prices.
Also the taxi and food and just about everything else has increased by a significant amount...
Mike

Last trip about 5 weeks ago I can't say I had noticed a change in prices since the beginning for the year.

3 bed modern apartment in vinhomes is still very cheap by UK standards

Those prices quoted are in the best areas, bit like Sydney Harbour house prices.

Probably less than 2% of houses in HCMC are in the price range. I'd get a new realtor, or get rid of whomever is telling you that you need to spend that much.

Unless you have millions to blow, rent a nice apartment for a year or two until you get comfortable. Thinking that you need to spend $7 million for a nice place, tells me you don't know the city well.  Just my opinion.

$7 million is over 2000 time the average national annual salary.  Regardless of whether you think this represents investment opportunity or a bubble, such a multiple can't be an indication of a healthy economy.

Hi Michael,
Your from the same neck of the woods in Oz as Yogi.

Could you imagine what USD$7 mill would buy you on the Sunshine Coast or Gold Coast , or the hinterlands.

You could get a well built beautiful home, with pool, tennis court, spa , billiard room and 3 car garage including a nice Car ,  motorcycle and a boat....all on a few hectares of land, with a few million in change to invest for an income stream.

Your only an hour from the airport, and can fly to ANY exotic destination you like , when you like & sitting at the pointy end of the plane .

On the other hand,,,you could buy a poorly built dump in shitty Saigon, where the streets are full of rotting garbage, the air is officially not fit to breath , infrastructure is virtually non existent and people are STILL stealing & eating their neighbours pets.

Yeah....it's a toss up. Six of one & half a dozen of the other.

Yes Yogi, you are understanding what I am saying...
Obviously it only applies to a small percentage of the properties for sale...
Apartments are now fetching silly money.
We looked yesterday at a house in Hoi an, next to our friends 4 bed, 3 bath in really poor condition, won't take less than $272k aud, house needs $50k plus worth of maintenance. 12 months ago our friend bought his for $76k, next door was a $100k...
Prices here have gone through the roof in the last 12 months, whether we're talking rice or property...
Who is driving these prices up?
Mike

The CHINESE !! Also now I hear Banks no longer lending to Foreigners due to high cash stripping and absconsion leaving Banks with Baby....Viets not the only corrupt ones in World it seems !!!

rawene wrote:

The CHINESE !!

If all else fails, blame China.

Yeah... its the Chinese.

Certain areas are on the rise, others are not.

Buy out of town, you get much better deals.

Not trying to be discriminatory but that is what I am hearing...also obviously a rising Vn middle class etc. BUT...Chinese have driven prices through the roof in NZ so I tend to lean toward what I am hearing in Vn.
ALSO...face it people..MANY more westerners are less than enchanted with Western Life and are moving to Asia etc...Am I wrong ??

The rumors going around at the moment is that China is going to attack Viet Nam and take it over....don't believe everything you hear.

What do Westerners moving to Asia have to do with land prices?

Don't forget, unless you are a company you cant buy land as a foreigner.

They have tried that a few times before..doesn't pan out...Westerners are buying now ( 70 ye lease) so DEMAND drives price..economics 101

Haha. Seems like now people love to blame Chinese for everything they dont like.

rawene wrote:

They have tried that a few times before..doesn't pan out...Westerners are buying now ( 70 ye lease) so DEMAND drives price..economics 101

I think you may want to do some fact checking before posting.

https://www.google.com.vn/amp/s/ampe.vn … 65707.html

My wife buys land in her home town area,which is a farming area. Not a Chinaman or expat in sight, yet land prices have doubled in two years

As I said..rising post war middle class..educated and savvy...demand drives price !

I smell a troll.

Before it was the Chinese, then it was Westerners, and now it's savvy people.

As I said, I think you are just trolling for bites.

Putin doing it !!

colinoscapee wrote:

My wife buys land in her home town area,which is a farming area. Not a Chinaman or expat in sight, yet land prices have doubled in two years

Did she convert the land to building land?
If so, how much did she pay?
300m2 of the farmland we bought is converted to building land in about 1-2 weeks and we have to pay about 80 million Dong for that.

Andy Passenger wrote:

colinoscapee wrote:

My wife buys land in her home town area,which is a farming area. Not a Chinaman or expat in sight, yet land prices have doubled in two years

Did she convert the land to building land?
If so, how much did she pay?
300m2 of the farmland we bought is converted to building land in about 1-2 weeks and we have to pay about 80 million Dong for that.

She buys land that already has the pink book. That way she doesnt have to deal with government officials changing the paperwork.

colinoscapee wrote:

She buys land that already has the pink book. That way she doesnt have to deal with government officials changing the paperwork.

Thanks for the answer, but I don't understand what you mean. 
You mean pink book instead of red book?
Because to my knowledge, there are only pink books these days.
And for every land you buy (regardless of whether it is farm land or building land), you get a pink book.

Not sure where you heard that. The pink book(sổ hồng) is for the actual dwelling that can be built on the land. Each block of land will have a different size dwelling that can be built on the land. If you buy a piece of land with a red book, you must apply for a pink book for a house to be built on that land.

Just wondering where you heard it's pink books only. Where we buy its still red books and apply for a pink book to construct. Maybe different areas are doing it differently, not sure. Also, you are going from farmland to residential, therefore they may issue just one book these days. Land that already has a red book, needs to apply for a pink book.

https://realestatevietnam.com.vn/what-i … -red-book/

Here is the link where it is written.
https://vnexpress.net/tin-tuc/phap-luat … 50-p2.html (I use Google Translate for translation).
Note the section:
"Tuy nhiên, để thống nhất thành một loại Giấy chứng nhận, ngày 19/10/2009 Chính phủ ban hành Nghị định số 88/2009/NĐ-CP và ngày 21/10/2009 Bộ Tài nguyên và Môi trường ban hành Thông tư số 17/2009/TT-BTNMT về cấp Giấy chứng nhận quyền sử dụng đất, quyền sở hữu nhà ở và tài sản khác gắn liền với đất. Theo đó, hai loại Giấy chứng nhận nói trên sẽ do Bộ Tài nguyên và Môi trường phát hành theo một mẫu thống nhất và được áp dụng trong phạm vi cả nước đối với mọi loại đất, nhà ở và tài sản khác gắn liền với đất..."

My wife asked the authorities who rewrite our pink book.
They said only pink books are issued.

In the pink books are described in chapter II. under 1. the land use rights and in chapter II. under 2. the buildings on the land.
http://www.vinhomesmienbac.info/wp-cont … B%93ng.jpg

By the way, he pink book has the same heading as the red book with the addition "Property rights and other real estate related to land".

Update:
Further interesting link:
https://kenhdat.com/so-do-so-hong-so-tr … -biet.html

I think you are getting confused between land that has never had certification and land that has already been certified. Some of the  land we buy has a red book as per the old laws, and an application has to be done to get the construction certification, the pink book. Farming land being rezoned is a different kettle of fish and yes a single book can be certified for that land.

colinoscapee wrote:

Just wondering where you heard it's pink books only. Where we buy its still red books and apply for a pink book to construct. Maybe different areas are doing it differently, not sure. Also, you are going from farmland to residential, therefore they may issue just one book these days. Land that already has a red book, needs to apply for a pink book.

Since 2009, only pink books have been published.
http://saigonland.news/phan-biet-so-do- … i-phap-ly/

The land use rights are defined in it (as in the Red Book).
If you rezon the land it will be updated in the same pink book.
And if you build a house, it's recorded also in the same pink book.

Andy Passenger wrote:

colinoscapee wrote:

Just wondering where you heard it's pink books only. Where we buy its still red books and apply for a pink book to construct. Maybe different areas are doing it differently, not sure. Also, you are going from farmland to residential, therefore they may issue just one book these days. Land that already has a red book, needs to apply for a pink book.

Since 2009, only pink books have been published.
http://saigonland.news/phan-biet-so-do- … i-phap-ly/

The land use rights are defined in it (as in the Red Book).
If you rezon the land it will be updated in the same pink book.
And if you build a house, it's recorded also in the same pink book.

The law in Vietnam is interpreted by the officials who are making the decision. The marriage process is a good example, one set of rules, yet every Huyen has their own way of doing things.

I realise that the law changed in 2009, sometimes these smaller towns take a long time to make changes. Where we bought in Xuyen Moc,a red book had been issued in 2016.

I work in CBRE Ho Chi Minh, although the post is from June just would like to clarify that the rules of real estate are still not the most standard and set in stone yet. USD7,000,000 for a house definitely is extremely overpriced unless its a 1200sqm huge villa or penthouse no way, it costs that much. Depending on the quality of the construction, location and developer these would be normally the main factors that fluctuate the price by sqm.

got today this link, the price for apartment at District 2, Novaland buildings
http://thesunavenue.com.vn/?utm_source= … aign=Link1
max 4,5bill VND ~ 200.000usd   for a 3 room apartment

7mill usd = 162 bill VND (tỉ)

For house:
Look at this advertise from Nov 2018 (báo/newspaper Tuoi trẻ)
https://i.imgur.com/juxydRy.jpg

on the left at the middle:  (many houses which cost more than 250 bill vnd)
16 /2MT Le Anh Xuan 330m2, 320ti (320 ti = 320 bill vnd = 13mill USD)

unbelievable, maybe Michael jackson had been there :-)

more  here:
https://thitruong.tuoitre.vn/nha-dat.html

Im fresh to Saigon , and am very shocked at the prices of general items im finding.

Instant coffee = through the roof
olive oil = through the roof
any name brand item (food, clothing , electronic , etc.. ) = through the roof
Bag of lays potato chips = through the roof
phildelphia cream cheese = through the roof

Some stuff was so high it was sickening ,  4-5 Canadian king crab legs it was 2+ million(uncooked frozen)

wines and spirits are higher then what I would pay in Canada , pretty much everything is higher



Im really not surprised the housing is high a well given what ive seen so far


I blame the tourists , (not china) , westers white people (im western white) are usually the dumbest of all, they are considered cash cows and suckers no matter where they go on earth , and the rest of us have to suffer for this

1willy1 wrote:

Im fresh to Saigon , and am very shocked at the prices of general items im finding.

Instant coffee = through the roof
olive oil = through the roof
any name brand item (food, clothing , electronic , etc.. ) = through the roof
Bag of lays potato chips = through the roof
phildelphia cream cheese = through the roof

Some stuff was so high it was sickening ,  4-5 Canadian king crab legs it was 2+ million(uncooked frozen)

wines and spirits are higher then what I would pay in Canada , pretty much everything is higher



Im really not surprised the housing is high a well given what ive seen so far


I blame the tourists , (not china) , westers white people (im western white) are usually the dumbest of all, they are considered cash cows and suckers no matter where they go on earth , and the rest of us have to suffer for this

Dear Rocket Scientist
You do realize most of what you mentioned is imported, therefore has a tax. I'm sure Vietnamese products are dearer in Canada than they are in Viet Nam.

My wife's observation on coming to Hawaii, and even now, is that vegetables are much higher in price and pork is a lot cheaper than they are in Vietnam.  I could add that the price of pork is probably higher in Hawaii than anywhere else in the US or Canada.  If you think about it at all, the things like vegetables that are locally produced and labor intensive will be cheaper in Vietnam.  Even if produced locally, meats and milk produced using imported grain stuffs will cost more.  Local seafood is cheap.  Imported seafood is expensive.

colinoscapee wrote:

1willy1 wrote:

Im fresh to Saigon , and am very shocked at the prices of general items im finding.

Instant coffee = through the roof
olive oil = through the roof
any name brand item (food, clothing , electronic , etc.. ) = through the roof
Bag of lays potato chips = through the roof
phildelphia cream cheese = through the roof

Some stuff was so high it was sickening ,  4-5 Canadian king crab legs it was 2+ million(uncooked frozen)

wines and spirits are higher then what I would pay in Canada , pretty much everything is higher



Im really not surprised the housing is high a well given what ive seen so far


I blame the tourists , (not china) , westers white people (im western white) are usually the dumbest of all, they are considered cash cows and suckers no matter where they go on earth , and the rest of us have to suffer for this

Dear Rocket Scientist
You do realize most of what you mentioned is imported, therefore has a tax. I'm sure Vietnamese products are dearer in Canada than they are in Viet Nam.

That's no excuse for the kind of prices im seeing

A slight import tax sure, but not 3-4 times the regular price.

The whole world runs on importing products from other country's , usually at a fair price.

These overinflated products wouldn't last if people weren't buying it ….which goes back to my earlier post.

1willy1 wrote:

colinoscapee wrote:

1willy1 wrote:

Im fresh to Saigon , and am very shocked at the prices of general items im finding.

Instant coffee = through the roof
olive oil = through the roof
any name brand item (food, clothing , electronic , etc.. ) = through the roof
Bag of lays potato chips = through the roof
phildelphia cream cheese = through the roof

Some stuff was so high it was sickening ,  4-5 Canadian king crab legs it was 2+ million(uncooked frozen)

wines and spirits are higher then what I would pay in Canada , pretty much everything is higher



Im really not surprised the housing is high a well given what ive seen so far


I blame the tourists , (not china) , westers white people (im western white) are usually the dumbest of all, they are considered cash cows and suckers no matter where they go on earth , and the rest of us have to suffer for this

Dear Rocket Scientist
You do realize most of what you mentioned is imported, therefore has a tax. I'm sure Vietnamese products are dearer in Canada than they are in Viet Nam.

That's no excuse for the kind of prices im seeing

A slight import tax sure, but not 3-4 times the regular price.

The whole world runs on importing products from other country's , usually at a fair price.

These overinflated products wouldn't last if people weren't buying it ….which goes back to my earlier post.

Maybe you are shopping at high-end stores. I have lived here for 11 years and have not seen the pricing you refer to.

Tell us where you are shopping, got a feeling it may be Thao Dien or similar overpriced areas.

Obviously not anywhere near the extreme the OP is seeing but I did some research on the complex where I live now.  The same house I'm in now (There are a lot of identical units) sold for 1.5B in 2015, 2.6B in 2016 3.9B in 2017 and 4.3B in 2018 and are now asking close to 5B and apparently getting it.  The amount of increase on a percentage basis is ridiculous.