The real estate market is in the "season" of year-end sales, however home buyers still do not have many choices because most new products are in the high-end segment.
A noticeable feature is that the supply of new apartment projects in Hanoi is mainly concentrated in the West, located in the metropolitan area. In addition, there is also supply from projects in Dong Da, Ha Dong, Tay Ho, Hoai Duc, Gia Lam, Dong Anh...
According to a survey by Lao Dong Newspaper reporters, the supply of new apartments is mostly high-end, luxury projects, lacking affordable housing products (mid-range, low-end), so the average price of primary products in Hanoi is quite high, around 60-120 million VND/m2. Even projects in suburban districts have selling prices of hundreds of millions of VND/m2, or the price of apartments in the central area is up to nearly 300 million VND/m2, equal to the price of townhouses, villas...
It can be seen that there is no shortage of newly opened apartments for sale in Hanoi, but the prices are too high because the projects for sale are mainly in the high-end, luxury segment with prices of over a hundred million VND per square meter.
Recently, the Hanoi Department of Construction has updated the list of future housing projects eligible for sale in the area, as of the end of August. Accordingly, the housing supply in the capital will soon have more than 5,300 apartments in 9 projects.
About 2 years ago, the housing supply in the Hanoi real estate market decreased sharply. In the first half of this year, the number of new projects and apartments launched on the market gradually recovered and increased again. However, affordable housing is still in short supply as investors mainly launched luxury and high-end products.
Savills data shows that the market had no new supply below VND45 million in the second quarter. Meanwhile, primary prices continued to increase by 18% per year from 2020 to now.
