Data from the OneHousing Center for Market Research and Customer Insights in the third quarter of 2024 shows that the Hanoi residential market recorded about 10,300 transactions, down 22% compared to the second quarter but still up 16% compared to the beginning of 2024.
Notably, according to OneHousing, residential land transactions in Hanoi in the first 9 months of 2024 mainly focused on the price range of 5-15 billion VND, accounting for 60% of total transactions.
According to Lao Dong reporters, many townhouses in Hoan Kiem district such as Hang Bong, Hang Dao, Hang Gai, Cau Go, Ly Thuong Kiet, Ly Thai Thai To... have recently been advertised for sale at expensive prices of up to billions of VND/m2.
For example, a house on Ta Hien Street (Hoan Kiem District) with an area of over 180 square meters is being offered for sale at a price of 230 billion VND, equivalent to nearly 1.3 billion VND/square meter.
Or on Luong Ngoc Quyen street, a house located on a corner lot with an area of 51m2, built with 3 floors, is being offered for sale at a price of nearly 54 billion VND, equivalent to nearly 1.1 billion VND/m2; A house on Trang Thi street with an area of 90m2, is being offered for sale at 170 billion VND, equivalent to 1.88 billion VND/m2...
Mr. Nguyen Huu Canh (46 years old, living in Hoan Kiem district) informed that he is currently selling a 210m2 house with 3 floors on Ly Thuong Kiet street for 255 billion VND, equivalent to about 1.2 billion VND/m2.
Mr. Canh added that when buying real estate in the old quarter, customers can exploit it for rent, office business, restaurant, hotel, beauty salon...
Mr. Le Dinh Chung - Member of the Market Research Working Group, Vietnam Real Estate Brokers Association (Vars) - commented that the reason why townhouse prices have continued to increase in recent times is because the current supply is very scarce, many townhouse owners have used this reason to increase the selling price.
However, Mr. Le Dinh Chung said that the selling price must be accepted by the market to establish a common price. In the long term, townhouse prices will continue to increase but the profit margin will not be as high as before.
Referring to this content, Mr. Nguyen The Diep - Permanent Vice President of Hanoi Real Estate Club - analyzed that many homeowners offer high prices due to expectations. The price increase of homeowners is also due to the demand of the townhouse segment, especially in prime streets, which is always increasing but the supply is not increasing.
However, experts emphasize that before spending money to buy, investors need to carefully research the legal documents and red books because the actual transaction price may be much lower than the price advertised by the homeowner.
