Home buyers are now mostly in the real needs and are looking for apartments worth from 800 million dong to 2.5 billion dong, covering area of 50-90 m2, according to Knight Frank’s latest report on Hanoi’s real estate market in Q2/2012.
The report also said that completed or to-be completed apartments are attracting home buyers at most.
As reported by Knight Frank, in contrast to the difficult situation of condos for sell market in Hanoi during the first quarter 2012 with low trading volume, the market in Q2/2012 witnessed many positive signs in medium and popular segments.
To improve the dismal sales from the previous quarters and lure the attention of the market, investors are trying to reduce the prices by discount packages, promotions, and incentives as well as encouraging buyers to pay before schedule to enjoy a better discount.
Above medium and high-class projects continued to see strong drops in price in Q2/2012, at 6-19%. Conversely, in some projects, especially in medium class segment in the east area of the city, the price saw slight increases.
Knight Frank said home buyers are now mostly in the real needs and are looking for apartments at the price of from 800 million dong to 2.5 billion dong, covering an area of about 50 – 90m2. However, senior projects in the central area and four inner districts also continue to have transactions.
Knight Frank expects the number of transactions in the Q3/2012 will be better than Q2/2012. Both buyers and investors have been benefiting from interest rate reductions.