According to information on housing and real estate market in Hanoi in the second quarter of 2024 just announced by the Ministry of Construction, the selling price of apartments in Hanoi continues to increase compared to the first quarter of 2024.
Accordingly, the selling price of used apartments in Royal City urban areas increased by 33%, The Pride building increased by 33%, My Dinh Song Da - Sudico urban area increased by 32%, Vinhomes West Point urban area increased by 28%.
Apartment prices in some old urban areas of Hanoi have also increased rapidly in recent times. Of which, the selling price in Trung Hoa - Nhan Chinh urban area increased by 25%, and the Nam Trung Yen resettlement apartment area increased by 20%.
If you want to buy an apartment with a slower price increase, you have to look to areas far from the center such as Binh Minh Garden Duc Giang project, Le Grand Jardin Sai Dong. However, the selling price of old apartments here is not less than 3 billion VND/apartment.
According to data from the OneHousing Center for Market Research and Customer Insight, as of the second quarter of 2024, the average apartment price level in the entire Hanoi market will reach about 65 million VND/m2.
Accordingly, the apartment price in the West is approximately 70 million VND/m2, the price level in the East reaches 56 million VND/m2. The fact that mid-range projects are gradually being replaced by high-end and luxury projects has caused the average price level of apartments to increase the most from 2021 to present.
In the context of the increasing price of apartments in Hanoi, a social network group called “Community to stop buying houses in Hanoi to avoid crazy prices” was established. In just 5 months, this group has attracted the participation of more than 100,000 members and shows no signs of stopping.
An account named HN in the group shared: "I am a businessman but looking at the current real estate prices makes me very dizzy. Since the beginning of the year, the prices of apartments and houses have been constantly increasing. I have decided to stop buying houses and continue to monitor market developments."
Economist Dinh Trong Thinh believes that the decision of those who stop buying houses at this time is correct. Not buying for a certain period of time is an appropriate response so that investors or real estate sellers can make appropriate changes to the conditions and operations of the market.
In addition, Ms. Do Thu Hang - Senior Director, Research & Consulting Department, Savills Hanoi said that in the context of limited supply, people's choices are reduced, leading to unstable prices and an upward trend. Solving the problem of limited supply will be a positive impact on the general market.
“The price of apartments in Hanoi is currently high, greatly affecting investment decisions and market liquidity. When legal guidance documents are gradually fully issued, prices are expected to become stable and people's interests will be more guaranteed,” Ms. Hang emphasized.
