OneHousing Market Research and Customer Insight Center recently analyzed data in the third quarter of 2024, showing that the total volume of high-rise apartment transactions (including new transactions and transfers) reached about 17,600 units.
Information revealed by OneHousing is attracting the attention of investors when this unit said that the average selling price of primary apartments in the entire Hanoi market has increased significantly, from 40 million VND/m2 in early 2022 to about 72 million VND/m2 in the third quarter of 2024.
In particular, the average price of newly opened projects in this quarter reached about 72 million VND/m2 (excluding VAT and maintenance fees), because the supply of newly opened apartments in the quarter was mainly recorded as high-end and luxury segments (accounting for 100% of the market share).
The number of primary apartment transactions in the third quarter of 2024 reached about 8,900 units, up 10% quarter-on-quarter and 160% year-on-year. This growth is mainly due to low bank interest rates and flexible payment policies from investors, attracting both home buyers and investors.
Onehousing also forecasts that in the fourth quarter of 2024, the Hanoi market will consume about 8,000 units, a slight decrease compared to the third quarter but still an increase compared to the same period last year.
Previously, the latest report of the Ministry of Construction showed that in the third quarter of 2024, apartment prices in Hanoi continued to increase in both new and old projects, the price level of new projects increased by about 4-6% quarterly and 22-25% annually, especially in some areas, local prices increased by about 35-40% depending on the location compared to the previous quarter.
Mr. Nguyen Quoc Khanh - Vice President of the Vietnam Real Estate Brokers Association (Vars) - commented that apartment prices in suburban areas of Hanoi have reached 60-70 million VND/m2 in some places.
According to Mr. Nguyen Quoc Khanh, with the current high price of apartments, the ability to access housing for people, especially those with average and low incomes, is increasingly difficult.
Ms. Nguyen Hoai An - Senior Director of CBRE Vietnam branch in Hanoi - analyzed that the selling price of apartments in Hanoi will continue to increase in the coming time.
It is forecasted that in the last quarter of 2024, new supply will record more than 10,000 units, bringing the total number of newly opened apartments for sale in 2024 to nearly 30,000 units, nearly 3 times the number of apartments opened for sale in 2023, the highest supply in the past 5 years, expected to focus on the high-end segment.
Experts predict that there will be more luxury projects launched for sale by the end of 2024, continuing to push up primary prices in the last quarter of the year. In addition, secondary prices will continue to increase at a more stable rate.
