Secondary versus primary prices: how to tell if an asking price is fair

Legal basis: Law on Housing No. 27/2023/QH15, Article 152 (2% maintenance fund) · Decree 10/2022/NĐ-CP, amended by Decree 175/2025/NĐ-CP (0.5% registration fee) · Market data: CBRE Q2 2026, DKRA Q2 and Q3 2026 · Updated 20 October 2026.

Secondary units (bought from a previous buyer) in HCMC are currently cheaper on average than primary units (bought new from the developer), but the gap varies a great deal from unit to unit. The surest way to tell whether an asking price is fair is to convert it to price per m² on the same basis, compare it with similar units that have actually sold, and then add all the costs you will still have to pay.

Where the market stands (HCMC, 2026)

Indicator	Figure	Published by
Average primary apartment price, Q2 2026	about 76 million dong/m²	CBRE
Average secondary apartment price, Q2 2026	about 62 million dong/m²; up about 2% on Q1, about 25% year on year	CBRE
Secondary prices, Q2 2026	typically down 2–6% on Q1	DKRA
Secondary prices, Q3 2026	typically down 4–7% on Q2, mainly in deals where sellers are under loan-interest pressure; primary prices remain high	DKRA

The two research firms differ in scope and method, so their figures cannot be directly added or subtracted. What can be drawn from them: primary prices are holding at a high level, secondary prices are flat or slightly down, and buyers of ready units now have more room to negotiate — especially with sellers who have loans. For Q3 details, see the news item Căn hộ TP.HCM quý III/2026: lượng bán giảm 66%, giá thứ cấp giảm 4–7% (HCMC apartments Q3 2026: sales down 66%, secondary prices down 4–7%; in Vietnamese).

1. Put price per m² on the same basis

Before comparing, check that the unit on offer and the comparison units share the same:

• Area: net or gross. Compare the area on the pink book or contract with the area in the listing; calculating on gross area (which is larger) makes the price per m² look lower.
• Taxes and fees in the price: primary prices published by the developer may or may not include VAT and the 2% maintenance fund. For a secondary unit that already has a pink book, these have usually been paid by the first buyer — still ask for the receipts.
• Furniture: handed over bare, basic or fully furnished.
• Papers: pink book already issued, or still under the sale and purchase agreement with the developer.

2. Pick 3–5 similar units

Prefer units in the same project, with the same number of bedrooms, a similar area and the same type of papers. If there are none, use nearby projects in the same segment with the same handover year. Note each unit's price per m² and its source: prices of completed deals (ask the building management, agents who have closed units in the building, neighbouring owners) are worth more than listing prices.

3. Adjust for floor, aspect, view and furniture

There is no fixed percentage for each factor. The method: find two units in the same building that differ in only one factor (same unit type, different floor; or same floor, different aspect) to see the actual difference in that project. Factors that usually change the price:

• Low floors next to the pool or plant areas, or high floors with an open view.
• Afternoon sun, or a view blocked by the building opposite.
• New furniture still under warranty, or old furniture that needs replacing.
• Corner units, wide balconies, number of open sides.

4. Add all the costs you will still pay

Compare the total cost of moving in, not just the price in the contract:

Cost	Secondary unit with a pink book	Primary unit from the developer
Registration fee	0.5% of the assessed value, on transfer	0.5%, when the first pink book is issued
2% maintenance fund	Usually already paid by the first buyer — ask for the receipt	Paid by the buyer under the contract
Furniture	As is	Usually needs adding
Waiting time	Move in / rent out straight away	Wait for completion, handover, the pink book
Sales policy	None	May include discounts, interest support, stretched payments

A primary unit with a stretched payment plan or interest-rate support may be easier on your cash flow even if its price per m² is higher. To compare two options month by month, use the home-buying cash-flow calculator.

5. Asking price is not the transaction price

Most "secondary price" figures in the press measure asking prices. The closing price can be lower, especially when the seller is under loan-interest pressure. Ask the seller how long the unit has been listed, whether anyone has made an offer, and whether it is mortgaged.

Reference example

Assumptions: a 2-bedroom unit of 70 m² net, asking 4.2 billion dong (60 million dong/m²). Three units of the same type in the same building have just sold at 56–58 million dong/m². The unit on offer is on a higher floor and fully furnished.

• Reference range: 70 m² × 56–58 million = 3.92–4.06 billion dong.
• The asking price is 140–280 million dong above the reference range. Whether that is reasonable depends on the floor and furniture differences you found in step 3.
• Add the 0.5% registration fee (about 20 million dong if calculated on 4.2 billion dong) to the total cost.

If you are buying to let, the same similar-unit comparison works for rents too — see Pricing an apartment for rent by comparing similar units.

This article is for reference only and does not replace legal or financial advice for your specific case.

1. Convert the asking price to million dong per m² net; note whether it includes furniture, the maintenance fund and taxes.
2. Find 3–5 similar units in the same project (same number of bedrooms, similar area, same type of papers); prefer prices of completed deals.
3. Find pairs of units in the same building that differ only in floor or aspect to see the actual difference.
4. Work out the reference price range = area × price per m² of the comparison units.
5. Add the 0.5% registration fee, any furniture you need, and the maintenance fee if not yet paid.
6. Compare with primary units in the same area: price per m², payment plan, waiting time until handover — use the cash-flow calculator.
7. Ask the seller how long it has been listed, the loan situation and the reason for selling; make an offer you can justify.

Sources in Vietnamese; titles kept in the original, with a short English translation in brackets.

• CafeF (citing CBRE Vietnam) — Giá nhà thứ cấp TP.HCM hạ nhiệt, đà tăng chậm lại, nhà đầu tư bắt đầu giảm kỳ vọng (HCMC secondary prices cool, growth slows, investors lower expectations), 8 July 2026.
• Nha Dau Tu (citing DKRA, CBRE) — TP.HCM: Áp lực "thoát hàng" khiến giá căn hộ thứ cấp giảm tới 6% (HCMC: pressure to sell pushes secondary apartment prices down up to 6%), 13 July 2026.
• Bao Dau Thau (citing DKRA Consulting) — Bất động sản TP.HCM cuối năm: Nguồn cung tăng, thanh khoản vẫn chịu áp lực (HCMC real estate at year end: supply up, liquidity still under pressure), 13 October 2026.
• Thư viện Nhà đất — Mức thu lệ phí trước bạ nhà đất năm 2026 là bao nhiêu? (What is the registration fee for houses and land in 2026? — Decree 10/2022/NĐ-CP, amended by Decree 175/2025/NĐ-CP), read 20 October 2026.
• Thư viện Nhà đất — Năm 2025, mức phí bảo trì chung cư mà cư dân phải đóng là bao nhiêu? (How much maintenance fee do apartment residents pay in 2025? — Article 152 of the 2023 Law on Housing), read 20 October 2026.
• Tuoi Tre (Phap Luat TP.HCM) — Lưu ý khi mua chung cư cũ (Things to note when buying an older apartment — comparing the area on the certificate, the actual area and the listing; gross / net), 27 May 2021.