Sales of Hanoi apartments soared in Q4 2018

Sales of Hanoi apartments soared in Q4 2018

Real estate developers offered 15,100 apartments for sale in Hanoi during the last quarter of 2018, increasing 120% quarter-on-quarter and hitting a new record high for quarterly sales so far, with 11,400 units sold, a report by Savills Vietnam revealed.
18:49, 13/01/2019

According to Do Thu Hang, Head of Research at Savills Vietnam in Hanoi, these apartments came from 9 new residential projects and 28 existing ones. During the quarter, sales enjoyed a rise of over 80% quarter-on-quarter and around 70% year-on-year.

In particular, sales at Grade B accounted for the majority of the market share, with three districts Ha Dong, Tu Liem and Gia Lam remaining in leading positions for the number of apartments sold. 

More than 41,300 units will enter from 36 apartment projects in 2019.

More than 41,300 units will enter from 36 apartment projects in 2019.

Meanwhile in Ho Chi Minh City (HCMC), the apartment market was led by Grade C segment. Local residents in both Hanoi and HCMC mainly looked for affordable apartments in the Grade C, but most of Hanoi developers launched apartments in Grade A and Grade B.

Offering apartments that priced at under VND1 billion, the VinCity Ocean Park residential project in Hanoi attracted many home buyers. 
During last year, real estate developers supplied total 36,000 apartments for sale in Hanoi, with nearly 31,000 units sold.

According to experts, the capital city witnessed a much higher oversupply of homes than HCMC since developers in the latter had followed up on the demand for accommodation of end-users.

Experts forecast local residents in 2019 will continue to have a wide selection of apartment types and developers. Over 40,000 products of 36 residential projects will be launched on the market, with Grade B units making up the majority, Savills predicted.

Home buyers have various options for buying houses while only genuine developers can make high profits, added Hang.

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