The first six months of the year saw a 3,241 new apartments coming on the market. (Photo: Kinh te va du bao)
The first six months of the year witnessed the excitement of the landed property market in Hanoi with a total of 3,241 new units, most of which were launched in the first quarter. The six-month figure is nearly 1.5 times the total supply of last year, sending out a positive outlook for the market in the time ahead.
The improvement of urban infrastructure and inner-city traffic continued to boost the expansion of supply in emerging locations. Better infrastructure has not only facilitated the launch of new projects in the emerging locations but also energized delayed projects. The CBRE Vietnam reported a dynamic rise in supply of landed property in the outskirts of the city, compared to that in inner districts.
The CBRE noted that the shift of supply from main districts to the outlying areas is becoming visible, noting that several projects in western Hanoi witnessed positive progresses when project owners announced the completion of unfinished projects so that apartments could be handed over to homebuyers at high quality.
Sales were impressive during the last six months under review despite the massive stock of new launches. About 2,980 new villas and shop houses were sold in January – June, 14 percent higher than the total number of 2018.
The secondary prices for villas in the first half averaged 4,075 USD per sqm, with VAT and construction costs all included. The average price was mostly fetched at emerging locations, such as Gia Lam, Long Bien and Ha Dong districts, which benefited from developed infrastructure and well-known developers.
The recent establishment of many well-developed large-scale projects has further intensified the competition within the supply of landed property in the city. According to the CBRE, for the remaining months of this year, high-quality products, consistent management and reputable developers will remain key factors affecting the decision of both end-user buyers and investors.
2019 is also set to welcome a great volume of new supply in the landed residential market with many subsequent phases of previously launched projects expected to come onboard, insiders said.
