The resale market in Ho Chi Minh City is booming despite a legal snag: many apartments still do not have pink books, the official ownership certificates. This paradox is worth exploring because it shows how market forces can outweigh legal certainty.

Rivera Park Saigon, handed over in 2017, saw its price rise from VND30‑35 million per sqm at launch to about VND80‑85 million per sqm today, even though owners still lack pink books. The developer is now applying for ownership certificates for residents.

Richmond City, handed over six years ago, experienced a similar jump, with launch prices of VND24‑28 million per sqm climbing to roughly VND70‑75 million per sqm now, also without certificates. The project still has about 1,200 apartments waiting for pink books.

A representative of Avison Young Vietnam said that inner‑city land reserves in the pre‑merger area of HCMC are exhausted, creating a high price floor that forces developers into high‑end segments. Avison Young reported primary‑market apartment prices of about VND102 million per sqm in Q3 2026, while ultra‑luxury units cost VND186‑398 million per sqm, making new homes unaffordable for many. As a result, buyers are turning to older, already‑occupied buildings that offer central locations and better value despite missing certificates.

The key takeaway is that limited land and soaring construction costs push new‑build prices up, so buyers seek older apartments that still appreciate even without pink books. This explains why secondary‑market prices keep soaring in Ho Chi Minh City.