Selling a luxury apartment with 3 bedrooms in Ba Dinh district, the seller named Tran Dang shared that he is looking for a buyer for a 152m2 luxury apartment for 13.9 billion VND, equivalent to more than 91 million VND/m2.
However, up to now, Mr. Dang has not found a buyer after more than 3 months of posting the sale on social networks.
According to Lao Dong reporters, while the affordable segment is very scarce, many apartments in Hanoi are being sold by owners at prices of more than 10 billion VND/apartment at the end of the year.
For example, a luxury apartment located in Ngoc Khanh Ward (Ba Dinh District) is being sold by its owner for 18 billion VND. The owner said that the apartment is 130 square meters wide, has 3 bedrooms, and is about 138 million VND/square meter, including all transfer costs.
The 83m2 apartment located in Thanh Cong ward (Ba Dinh district) is also being sold by the owner for 10 billion VND, equivalent to about 120 million VND/m2.
An apartment at the Grandeur Palace Giang Vo project (Ba Dinh district) is also being offered for sale at 12.3 billion VND for a 105m2 apartment, equivalent to 117 million VND/m2.
A recent market report by the Vietnam Association of Realtors (VARS) said that the real estate market is increasing new supply sources but low-cost housing is still "extinct", while high-end housing projects continue to "land" in Hanoi with the lowest price of nearly 70 million VND/m2.
In particular, housing products are increasingly less diverse due to the serious imbalance between supply and demand.
Many experts say that due to complicated land policies and legal procedures, the construction costs of affordable housing projects in recent times have become less attractive to investors.
It is a fact that the high-end apartment segment often brings higher profits, encouraging investors to focus on this group. However, the consequence is a serious imbalance between supply and demand, reducing the ability to access housing for the majority of people with low-middle incomes.
Many real estate experts also recommend that the State should have support policies such as tax reduction and preferential loans for low-cost housing projects, while at the same time tightening the excessive development of the high-end segment.
Referring to this content, Mr. Nguyen Van Dinh - Chairman of the Vietnam Real Estate Brokers Association - commented that if Hanoi apartments and other residential real estate segments continue to increase and there are no early intervention measures, it will cause great instability for the real estate market.
Experts emphasize that management agencies need to soon take measures to "unblock" affordable commercial housing and social housing projects. Investors need to step up research and product development in line with trends and affordability of the majority of people, limiting the situation of surplus and large phase deviation towards high-end and luxury products.
