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35,000 apartments open for sale, Hanoi apartment market 2017 is up to ‘ the top’ in 5 years

35,000 open new apartments, Hanoi apartment market 2017 'to the top' in 5 years

According to CBRE, the Hanoi apartment market has had a brilliant year with a total of 35,000 new apartments, up 16% over the same period last year and reached the highest level in five years.

Apartment prices in Hanoi decreased 2.4%

CBRE’s quarterly market report for the fourth quarter of 2017 revealed that in the last quarter of the year, nearly 9,500 new apartments were sold in Hanoi, bringing the number of newly opened units to over 35,000 units.

35,000 open new apartments, Hanoi apartment market 2017 'to the top' in 5 years
35,000 open new apartments, Hanoi apartment market 2017 ‘to the top’ in 5 years

New supply comes from all districts in the city. It is worth noting that with the improvement of infrastructure and the expansion of the out-of-center area, two new projects were launched in the East of England. The mid-end segment continues to dominate the market with a total of 80% of new supply during the year.

Offers were also good with more than 23,000 successful deals in 2017, up 12% from the same period last year.

It is noteworthy that despite not being in a prime location, thanks to proper investment in product development, improved design as well as full provision of amenities for residents, projects have achieved sales rates good (over 70% in first quarter open sale). This also reflects the growing importance of buyers and higher demands for product quality.

Given the new supply is still plentiful as well as the shift of the market in the middle-class segment, the primary price level has not increased. By 2017, the average primary market price is $ 1,344 / sqm, down 2.4% year-on-year.

According to CBRE, in the next few years, positive macroeconomic fundamentals will continue to create momentum for the housing market in general, as well as for the apartment market.

With the development of the market and future supply coming from almost all areas of the city, Investors will face the pressure to professionalize the sales team and improve marketing activities to compete and increase sales.

2018 is expected to see a sharp divergence across segments, with high-end projects appearing in downtown locations, while investors in the lower segments will have to improve further. competition.

East, west active villa transactions, adjacent

In the fourth quarter of 2017, the land-attached housing market in Hanoi was added 444 units, of which 73% were attached houses.

Four new projects were recorded in the quarter, including two in Long Bien (319 Bo De and Khai Son Hill). There are also Lakeside Splendora (BT5) Hoai Duc and Athena Fulland Dai Kim – Hoang Mai.

For the whole year 2017, the Hanoi market recorded a total of 4,178 villas, adjoining houses, open houses for sale.

The west and south areas are the most new ones, accounting for 72% of the total new supply, up to the present.

The housing market in Q4 recorded sales of 1,142 units, up 48% from the previous quarter and 71% lower than the same period last year. The reason is that the new supply increased significantly in the third quarter.

Since the beginning of the year, the total housing market has sold 4,800 units, of which the West occupies the highest proportion, up to 64%. The second largest city with the proportion of 20%.

By 2017, the average primary market price of villas, adjacent to $ 3,600 / m2, down slightly 2% over the previous quarter. Meanwhile, the average price on the market reached $ 3,778 / sqm, up 3.5% over the previous year.

“The infrastructure is growing, helping people move more easily within a 10km radius, which is considered to be the key to driving the development of urban projects in these areas,” CBRE said.

According to CBRE forecast, Q1 / 2018 is expected to be a very exciting quarter in the villa market, adjacent to many large scale projects will be open for sale, including some projects like Starlake Phase 2 Gamuda Phase 4 – Dahlia Homes, Him Lam Shophouse.

Similarly, new projects are planned in the east, especially when new bridges across the Red River (Tu Lien and Tran Hung Dao) are expected to help improve traffic and infrastructure. Infrastructure for the eastern region, attracting more attention of investors and buyers to stay.

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35,000 apartments open for sale, Hanoi apartment market 2017 is up to ‘ the top’ in 5 years
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