Talking to Lao Dong reporter, Ms. Nguyen Ngoc Linh (44 years old, living in Cau Giay district, Hanoi) shared that since the beginning of 2024, she was very surprised when the apartment in the same building was being sold for 5 billion VND, just 1 week after posting the ad, someone came to deposit 2 billion VND.
Ms. Linh added that in 2018, the apartment here was for sale for 3 billion VND. Thus, after 6 years, the apartment she owns has increased by more than 2 billion VND/unit, not including furniture and interior.
"Although the price of the apartment is increasing, my family does not want to transfer it but wait for the right time, when the price increases, to sell it. At the end of 2024, my family also plans to move to a house to make it more convenient for business and children's education," said Ms. Linh.
Also owning an apartment of nearly 70 square meters in Nam Tu Liem district (Hanoi), Ms. Le Thi Xuan said that many apartments here are being offered for sale at more than 60 million VND/m2, while 5 years ago, she bought the house for only about 38 million VND/m2.
Ms. Xuan added that the price of apartments in Hanoi is expected to continue to increase due to the scarce supply. Ms. Xuan intends to move to an apartment building in Cau Giay district, near her workplace, but she is not in a hurry to make a transaction and will wait for the price to increase further.
According to Lao Dong reporters' research, not only the old apartment segment, many new apartment projects that have started construction in Hanoi recently have also attracted the attention of residents and investors.
Information from the Vietnam Association of Realtors (VARS) shows that in the second quarter of 2024, the apartment price index continued to maintain an upward trend in Hanoi. Accordingly, from the end of 2023, the growth rate in selling prices of the Hanoi apartment market has begun to increase and surpassed the price increase of the Ho Chi Minh City market.
In particular, the average selling price of primary apartments in Hanoi is approaching 60 million VND/m2. Thus, compared to the second quarter of 2019, the selling price of primary apartments in Hanoi recorded a remarkable increase of 58%, more than double the increase rate of the Ho Chi Minh City market.
Speaking with Lao Dong reporter, Mr. Nguyen The Diep - Vice President of Hanoi Real Estate Club - commented that the current shift in buyer demand is focusing on the apartment segment.
Experts say that the price of apartments that used to be around 2-3 billion VND/unit has now increased to 4-5 billion VND/unit. For projects under construction and newly opened for sale in Hanoi, the price increase will be higher because investors are under great pressure regarding input costs and construction materials.
Dr. Nguyen Van Dinh - Chairman of the Vietnam Real Estate Brokers Association (VARS) - informed that by the end of 2024, the demand for housing will continue to remain high, along with investment demand recovering by about 30% compared to the beginning of the year. In particular, the investment trend will be to new markets with much room for price increases.
