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.
Despite high anchor prices, in July 2024, primary and secondary transactions still increased in two large urban areas with large supply, Vinhomes Ocean Park and Vinhomes Smart City.
Specifically, at Vinhomes Ocean Park, primary transactions accounted for 60%, and at Vinhomes Smart City, up to 90%, showing that primary supply in the West still has good absorption capacity even though new projects are all in the high-end - luxury segment.
Total apartment transactions including primary and transfer at the two projects Vinhomes Ocean Park and Vinhomes Smart City in July both increased by more than 120% compared to the first month of the year.
In July, primary sales at Vinhomes Ocean Park increased by 58% compared to June 2024, due to newly opened projects with good sales policies, stimulating homebuyer demand. At Vinhomes Smart City, primary transactions also increased by 13% compared to the previous month, mainly due to new supply from three high-end and luxury projects: Lumiere Evergreen, Lumi Hanoi and The Sola Park.
With the number of secondary high-rise sales in July 2024, the Hanoi market recorded a total of about 3,200 transactions, an increase of 35% compared to the previous month. In particular, the West and East areas had a number of transfer transactions increasing by 22% and 39% respectively compared to June. In particular, Vinhomes Ocean Park and Vinhomes Smart City projects still accounted for a high weight of 30% compared to the entire Hanoi market, an increase of 6% compared to the first month of the year.
According to Mr. Tran Minh Tien - Director of OneHousing Center for Market Research and Customer Insight - commented: "Apartment transfer transactions in Hanoi increased in July due to the trend of customers wanting to complete transactions before the Ngau month.
In addition, the strong increase in demand also shows that the demand for real housing remains high in Hanoi. As the price of new apartments continues to increase, many customers tend to choose apartments for sale at more reasonable prices, especially in newly-opened urban areas with full amenities in the East and West.
