Apartment leading in heat
Mr. Dinh Minh Tuan, Director of Batdongsan.com.vn in the Southern region, said that the real estate market in 2024 shows positive changes.
Apartments have maintained their hotness in terms of selling prices and deliveries over the past year. Up to now, apartments have increased by 45% compared to the first quarter of 2022, which is also the highest increase among real estate segments on the market. The selling price of this segment has increased the most in Hanoi and Ho Chi Minh City.
Accordingly, compared to the first quarter of 2023, the selling price of apartments in Hanoi increased by 58%, and apartments in Ho Chi Minh City increased by 17%. Currently, the average selling price of apartments in Hanoi is 61 million VND/m2, in Ho Chi Minh City is 55 million VND/m2.
Regarding the primary apartment supply, both the Hanoi and Ho Chi Minh City markets have witnessed sky-high prices. For example, in the Hanoi market, some projects launched in 2024 include MIK The Continental with a selling price of 90 million VND/m2, Masteri Lakeside with a selling price of 80 million VND/m2, Masteri Grand Avenue with a selling price of 100-130 million VND/m2, Noble Crystal Tay Ho with a selling price of 165-270 million VND/m2, The Ninety Complex with a selling price of 68-85 million VND/m2, The Senique Hanoi with a selling price of 80 million VND/m2.
In Ho Chi Minh City, the selling price is also set at a high level. For example, the Eaton Park project has a selling price from 130 million VND/m2, The Opus One - Vinhomes Grand Park has a selling price from 88 million VND/m2, Masteri Grand View has a selling price from 130 million VND/m2, King Crown Infinity has a selling price from 120 million VND/m2, The Aurora Phu My Hung has a selling price from 90 million VND/m2, Thao Dien Green is selling from 180 million VND/m2, Kieu By Kitta has a selling price from 120 million VND/m2, Lancaster Tower has a selling price from 250 million VND/m2...
The director of Batdongsan.com.vn in the southern region emphasized that apartments are always the type of property that goes first in the market recovery cycles because they are aimed at real housing needs. Transactions have increased sharply in small apartments. Projects with good transaction volumes are completed projects, with complete infrastructure, low construction density, reputable investors, good progress and preferential interest rates.
Low-rise real estate prices remain high
The low-rise real estate segment including private houses, townhouses and land also recorded high prices. For example, the average asking price of private houses in Hanoi is 197 million VND/m2, private houses in Ho Chi Minh City is 108 million VND/m2. The average asking price of land in Hanoi is 70 million VND/m2, Ho Chi Minh City is 57 million VND/m2.
Both land and private houses recorded an impressive recovery in market interest. In Hanoi, compared to the first quarter of 2023, interest in land increased by 75%, private houses increased by 18%, and townhouses increased by 4%. During the same time period, in Ho Chi Minh City, interest in land increased by 26%, private houses increased by 12%, and townhouses increased by 3%.
However, the Director of Batdongsan.com.vn in the Southern region said that low-rise real estate is losing its advantage in terms of cash flow. In other words, the cash flow for renting low-rise real estate is gradually being affected by the strong development of e-commerce.
Looking at the market in the coming time, Mr. Tuan commented that in the next 3 years, the market in centrally-run cities will still grow the strongest. Selling prices in these areas continue to increase strongly, although they are already at a high level. Meanwhile, the suburban areas still have certain limitations when in this area, the need to connect family and work has not been met due to underdeveloped infrastructure, creating concerns for people when moving to this area.
