Binh of Thu Duc City has put down a deposit for an apartment near a metro station, which has seen prices rising by 40% in the last four years to VND72.8 million (US$2,887) per square meter. “I expect prices of properties alongside the new metro line to rise in the coming years,” he says.
Bich Hanh was offered 15% higher than in early 2023 for her apartment located near a metro station. “Many brokers have contacted me but I want to keep the apartment and wait for a further increase.”
HCMC's first metro line Ben Thanh – Suoi Tien in December 2024. Photo by Read/Quynh Tran |
Many apartments near the new metro line saw inquiries surge in the second half of last year, according to property listing platform Batdongsan.
The metro, which began operation at the end of 2024, has driven up demand for properties near its route.
Apartment project Eaton Park was searched 22 times more compared to the first half, while inquiries for Lumiere Riverside doubled.
On the secondary market, prices along the line have risen by 15% on average, according to property consultancy CBRE Vietnam.
Within a radius of seven kilometers on either side of the Ben Thanh – Suoi Tien line are nearly 80 apartment projects either announced or under development.
Not all are appreciating, analysts caution.
Of 60 projects surveyed by Batdongsan, 23 saw inquiries fall by 5-20% in the second half last year.
The main reasons include lack of legal status, construction delays and controversies related to implementation.
At 12 developments, prices remain stagnant since 2023 or have even declined by up to 30% in some cases though a 3-9% fall is more common.
Vo Huynh Tuan Kiet, director of residential markets at CBRE, says investing in real estate for infrastructure reasons requires a long-term perspective and money to spare.
Metro projects often take years to complete, making quick price gains unrealistic, and investors should keep an eye on the progress, station locations and legal clarity before committing funds, he warns.
Dinh Minh Tuan, southern region director of Batdongsan, says proximity to metro stations alone does not guarantee appreciation, and locations lacking connectivity to key areas or amenities could struggle.
Properties near metro stations are more likely to appreciate in areas with facilities like schools, hospitals, markets, and parks, he said.
For optimal returns, analysts suggest focusing on housing within two or three kilometers of stations or with excellent connectivity.
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