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Hanoi Real Estate In The Second Quater Of 2017, Though Apartments Fell, Houses Are Still Hot

Hanoi real estate

Nguyen Hoai An, Director of Research, Consultancy, Pricing and Asset Management, CBRE Vietnam, said that while the apartment segment for sale had a sign In the first quarter of 2017, the residential segment (villas, adjoining) continued to grow at a rapid pace.

Apartment segment liquidity continues to fall

According to CBRE, in the second quarter of 2017, a total of 8086 apartments were offered to the market from 27 projects, up 23% over the same period last year, but down 14% compared to previous quarter.

Another noteworthy point is that most of the new openings are coming from the next openings of large projects.

Similarly to the previous quarters, most of the new supply came to the West and Southwest of Hanoi, accounting for 68% of total new units opened this quarter. The East also accounts for 20% of the total new supply coming from the new project in the Ecopark.

By segment, the mid-end segment accounted for the highest proportion of new openings in the last few years. In Q2 / 2017, this segment accounted for 55% of total new openings.

Hanoi Real Estate
The mid-end segment continues to dominate the market

In terms of volume, the quarter totaled 4,650 units sold, down 24% from the previous quarter. Sales activity is expected to be more active in the following quarters, as some projects attract the attention of open market sellers.

Sales of over 50% of the open sales are recorded in the prime locations and invested by reputable investors.

Regarding the offer price, there are not too many changes in the average quarterly price in both the primary and secondary markets. Notable for this quarter, the premium segment was the only segment where prices increased in both markets, with gains of 1% and 3% respectively in the primary and secondary markets.

In the second half of 2017, in addition to the supply coming from the West and Southwest is expected to have new open sales projects in the central district.

By segment, the market is still waiting for popular projects developed by reputable investment. In addition to the popular rates, the developers are expected to introduce new standards of quality, structure of the apartment and utilities for residents.

The home is vibrant

While the apartment segment continues to level off, the segment of villas, adjoining continues to witness the excitement.

Specifically, according to CBRE, in the second quarter of 2017, there are five low-rise houses opened for sale, adding 326 villas to the market. The two projects located in the west are the Embassy Garden and the Romantic Park, which accounted for 54% of the total new supply in the quarter.

38% of units are open for sale in the coming quarter from the east with Rice City and Hoa Vien villas (in Dang Xa urban area).

Although the number of projects open for sale is quite large, but due to the small size of the project, the number of new villas opened for sale in the second quarter was lower than the number 1200 of the previous quarter. Meanwhile, a number of large-scale high-end projects are expected to open for a long time, but still delayed delivery.

The housing market in the second quarter witnessed positive movements with 1,205 units sold in the quarter. New high-priced projects such as Vinhomes The Harmony, Romantic Park, Starlake and Gamuda have made the primary market continue to stabilize at $ 3,700 per square meter.

Hanoi real estate
Many projects such as The Manor Central Park are in good progress

Along with that, the secondary price on the market also increased 1.7% over the previous quarter and increased 4.3% over the same period last year, to $ 3,826 / m2. Most of the urban districts such as Dong Da, Tu Liem, Ha Dong and Thanh Xuan saw prices rise by 0.8% to 6% compared to the previous quarter.

It is noteworthy that rapid construction progress was noted in the last quarter in large-scale projects such as The Manor Central Park, Lakeside Second Stage (Splendora) and Starlake West Lake West.

This is a signal that these projects are likely to be launched in the near future.

In addition, 146 adjacent units from Park City Phase 3 and 493 remaining units of the Vinhomes The Harmony project are expected to significantly add to market supply in the second half of the year.

In addition to the strict construction progress, the investors of the projects pay great attention to the development of infrastructure and utilities inside the urban area in order to bring the residents not only the services but also the standard utilities.

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Hanoi Real Estate In The Second Quater Of 2017, Though Apartments Fell, Houses Are Still Hot
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