Talking to Lao Dong, Ms. Tran Thi Nguyet (31 years old, Hoang Mai district, Hanoi) informed that in early 2024, she and her husband were quoted a price of 3.7 billion VND for a 70m2 apartment on Ngoc Hoi street (Hoang Mai district). But now, the price of this apartment has increased to 3.9 billion VND, which surprised her.
Ms. Anh added that she was very surprised that the price of apartment buildings in recent months has shown no signs of cooling down. Currently, apartments with similar locations and areas to the one Ms. Anh is offering are being offered for sale at an average price of 3.9 - 4.1 billion VND/unit.
Meanwhile, Mr. Tran Trong Hung (born in 1980, living in Ha Dong district, Hanoi) shared that his family made a profit of about 300 million VND after only a few months of buying an apartment. Mr. Hung shared that at the end of January 2024, he bought an apartment in Quang Trung ward, Ha Dong district to stabilize his life.
Mr. Hung said that at the time of purchase, the price of the 60m2 apartment was 3.6 billion VND. But by May 2024, his apartment was offered to be bought back by a broker for 3.9 billion VND.
In fact, a recent forecast by Savills Vietnam also shows that in the short term, housing prices, especially apartment prices in Hanoi, will continue to increase due to limited supply on the market.
Ms. Nguyen Hoai An - Senior Director of CBRE Vietnam (Hanoi branch) predicts that from now until the end of 2024, the new supply of land-attached housing in Hanoi will have nearly 5,000 new units for sale, mainly from projects in the West and East of Hanoi.
In that situation, real estate experts recommend that investors and real estate traders need to observe market developments in the coming period, when demand is about to reach the "resistance point". If it cools down, apartment prices will be adjusted.
Referring to this content, Mr. Tran Quang Trung - Director of OneHousing Market Research and Customer Insight Center - commented that in the second quarter of 2024 and the third quarter of 2024 alone, the apartment market in Hanoi tends to increase in price strongly.
According to OneHousing data, by the end of the third quarter of 2024, the average value for newly opened apartments in Hanoi had reached nearly 70 million VND/m2, an increase of 7.6% compared to the second quarter of 2024.
Onehousing analyzed that there are many reasons for this situation, but mainly due to pressure from limited supply, high construction input costs of project development enterprises such as land tax costs according to the new price list, construction costs, investment in product design, and raw material prices.
Notably, in the context of increasingly scarce land funds, to own a housing project with a beautiful location in the center, businesses must invest a huge amount of money. Investors often have to develop high-end housing projects to ensure profits, leading to a shift in the apartment segment in Hanoi.
