Unexpected developments in Hanoi real estate market in the end of the year

23-Jan-2020 Intellasia | CafeF | 6:02 AM Print This Post

At the announcement of the real estate market in the fourth quarter of 2019 by CBRE Vietnam, the unit said that the apartment market in Hanoi recorded positive changes in the year. The average price level increased steadily, currently reaching about 1,370 US dollar per square metre, up by five percent year-on-year.

Another notable data provided by CBRE is that the supply of new apartments (offered by investors) in the market was not scarce and did not decline. It is estimated that more than 36,000 apartments were launched into the market, equivalent to the number offered for sale by project owners each year in the past five years.

This shows the abundant supply of Hanoi’s real estate market. However, in fact, this supply in the year was significantly different compared to the previous year, with up to 50 percent of the total supply of the entire market locating in city neighbourhood megacities of VinGroup such as Vinhomes Ocean Park in Gia Lam, Vinhomes Smart City in Tay Mo Dai Mo, or Park City in Ha Dong, etc.

The consumption of this new supply was also fairly positive with about 29,000 units.

According to actual market observations, most of the new supply in the market is located in middle and high-end segments. The selling prices of new projects ranged from 35 to 65 million dong per square metre, including projects in the suburban central area. The new projects in the lower priced apartment segment were almost absent in the market.

Some of the new supply in the market at the present time include Vinhomes Ocean Park (Gia Lam), Vinhomes Symphony Riverside (Long Bien), Vinhomes Smart City (Tay Mo), Imperia Smart City (Tay Mo), Kiara Park City (Ha Dong), Rubik 360 (Cau Giay), Le Grand Jardin (Long Bien), The Matrix One (Nam Tu Liem), The Zei (My Dinh), Sunshine Diamond River (West of West Lake), etc. These are considered the main sources of supply for the market in the end of 2019 and early 2020.

 


Category: Business, Vietnam

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