Approximately 6,400 units were launched in Q2/2019, totaling around 17,700 units in the first half (H1) this year, recording one of the highest six-month period figures, latest report by CBRE showed.
In the quarter, only two high-end projects opened to the market which is from Tay Ho district.
Meanwhile, sales momentum of the overall market were relatively positive in Q2 with more than 40% of units launched during the quarter having been absorbed. In total, about 6,900 units were sold during the quarter, up 17% on year.
Active sales activities and good construction progress from both townships and standalone projects have contributed to overall positive sales performance during H1, CBRE said in the report. For pricing, selling prices in the primary market in Q2 averaged $1,337 per sqm, an increase of 4% on year.
Noticeably, high-end segment recorded an average pricing level of US$2,345/sq.m – the highest pricing level of this segment observed over the past five years. The level of new supply is expected to stay at above 33,000 units in 2019 – a relatively similar volume as seen during 2016-2018 period.
Mid-end segment continues to dominate the market with forecast share to new supply of around 70%-80%, pointing out that Hanoi market is end-users-oriented.
Property products from some township developments have started to draw attention from local investors. While the urban districts are getting more and more crowded, it is expected that residential supply will move further and further away from the 10km radius of the central business district (CBD).
Township developments will be the major source of supply providing advantages in terms of integrated amenities and product diversifications. CBRE predicted that given the improving infrastructure and recent partnership among major corporations, these projects will draw more market attention in the years to come.
