Ha Noi Townhouse Market: Supply was the lowest in 2 years, lowest turnover in 9 years

According to CBRE’s report, in the first quarter of 2018, the supply of land-attached housing market in Hanoi was only 450 units, the lowest in the last two years.

The supply comes from three projects: Thong Nhat Complex, Minori Village and Gamuda Dahli. According to CBRE, these projects are located in the existing residential areas, thriving and a large number of them are adjacent houses adjacent to the crowded streets with great business potential. As a result, these projects are now attracting buyers.

Even so, sales in the quarter were down sharply from the same period last year. A total of more than 580 units were sold in the first quarter. This is the quarterly lowest level in nine years, down 54% from the previous quarter and 64% from the same period last year.

Ha Dong and Hoang Mai Districts recorded the highest number of units sold, coming from projects in good locations, at reasonable prices or including new features such as elevator in the building.

In terms of selling price, Q1 / 08 saw a 5.4% rise in the primary market and a decrease of 5% in the secondary market, reaching USD 3,640 / sq m.

According to CBRE, secondary prices in many projects in urban districts, especially in completed projects have long been adjusted down. Meanwhile, some projects are under construction and completed in the South West and the East again recorded the price increase because the project was restarted with a positive progress.

In 2018, projects from prestigious developers such as Vinhomes, Gamuda (Phase 2) Starlake (Phase 2) are expected to open up, supplying large quantities of quality supply to the market.

“The eastern and northern regions are relatively new markets, which will see strong growth in the future thanks to the potential for infrastructure development,” said CBRE.

CBRE reported that in the first quarter, there were a total of 8,800 apartments open for sale from 39 projects, down 4% from the same period last year. Remarkably, the mid-end segment continues to expand, occupying about ¾ open new supply.

Ha Noi Townhouse Market

In terms of sales, in the first quarter there were 6,600 apartments sold, up 5% over the same period. It is noteworthy that foreign investors are stepping up sales in international markets such as Singapore and Hong Kong, contributing positively to increased sales of some projects.

Meanwhile, in the domestic market, home buyers are paying special attention to the safety issues of buildings after apartment fire in HCMC.

In terms of selling price, the average initial price of the projects offered for sale in the first quarter 2018 is $ 1,339 / sqm. The segments have adjusted slightly in price in the first quarter. In general, the price of the following openings did not change much compared to the previous sale. At the same time, new projects are starting to compete with many promotions to attract the attention of the market.

CBRE believes that future supply will continue to expand to areas far from the center but with convenient transport connections. And in terms of sales, the unit forecasts 2018 will increase about 9% over the previous year, reaching the threshold of 28,000 units and concentrated in the middle segment.

“Investors will continue to be interested in high-end projects in the CBD with good rental potential, while homebuyers will focus on safety, quality and connecting to the surrounding facilities, “CBRE reviews.

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