Limited supply over many years has increased purchasing power in the property market, while also pushing up primary prices rapidly, according to CBRE Việt Nam’s report on Hà Nội’s market in the third quarter released on Tuesday.
In the primary market, the average selling price of condominiums in Hà Nội reached VNĐ64 million per sq.m (excluding VAT and maintenance fees), only three per cent lower than the current average price in HCM City. The selling price increased by 8.7 per cent quarter-on- quarter and by 26 per cent year-on-year.
Supplies of new condominium can also be offered at high prices because many are in projects of good quality, located in urban zones with full amenities and conveniently connecting to the central area of Hà Nội and areas with concentrated offices and commercial services.
In the secondary market, the average selling price continued to increase by 5.5 per cent quarter-on-quarter and nearly 26 per cent year-on-year to VNĐ46 million per sq.m (excluding VAT and maintenance fees).
The Hà Nội condo property market is not showing any signs of slowing, with prices currently only about VNĐ2 million per sq.m lower than those in HCM City.
In this quarter, condominium projects that were completed and handed over some time ago recorded the highest secondary price increase, because they are located in areas with densely populated communities that offer many amenities and services.
The liquidity of the Hà Nội condominium market in the third quarter was also one of the bright spots. Although the new supply of condominiums was relatively large, the market’s purchasing power remained very positive.
Total sales in the quarter exceeded 8,000 condominiums, down 20 per cent from the previous quarter due to many projects opening for sale simultaneously in Q2 and Q3, but this figure was still more than double that of the same period last year.
Source: Vietnam News
