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Hanoi will have more 23,500 new apartments in the last 6 months

Hanoi will have more 23,500 new apartments in the last 6 months

According to the report on Hanoi real estate market in the second quarter announced by Savills on July 11, the operation of apartments for sale segment is stable with primary supply reached 24,550 units, increase 2% quarterly and 42% annually.  11 more projects have been opened for sales and 16 new projects opened for sale with 6,850 units, decrease 27% quarterly and 4% annually.

The number of apartments sold is about 6,800 units, up 5% quarterly and 13% yearly, in which Class B dominates the market with over 42% of market share. The absorption rate reached 28%, increase 1 percentage point on quarterly basis and down 7 percentage points on the yearly basis. Primary price was recorded at USD 1,320/m2, down 3% compared to the previous quarter.

According to Savills, the market is expected to receive an additional 23,500 apartments in the second half of 2017 and 63,740 apartments from 2018 onwards. The three leading districts for future supply continued to be Ha Dong, Hoang Mai and Tu Liem, accounting for about 60% of market share.

Similarly, the supply and transaction volume of villa, townhouse segment increased. In particular, the supply reached 37,787 units, up 4.8% quarterly and up 15.8% yearly. Successful transaction of 1,310 units, up 126% compared to the previous quarter and approximately increase 4.5 times compared to second quarter of 2016. In which the transaction in townhouse segment is two times higher than the villa segment.

There has recorded good performance in the hotel sector of 5-star segment. Hotel supply reached 9,300 rooms, up 1% quarterly, but down 3% yearly. Rental capacity was about 80%. This is considered to be very positive signs because the second quarter is the period with small number of customers.

Meanwhile, the capacity and rental rate of service apartments fell quarterly. Total supply reached over 4,130 units, up 4% quarterly and 8% yearly. Average capacity reached more than 90.2%, down 1.4 percentage points on quarterly basis, but increase 6.3 percentage points on yearly basis. Average rental rate hit USD 24.6 /m2/month, decrease 2.4% quarterly and decrease 2.7% yearly.

For the office for rent segment, supply increased slightly by 0.2% quarterly, reaching about 1,620,000 m2. Quarterly rental rate fell by 0.8%. However, the rental capacity was improved in all three A, B and C Class. In particular, Grade A offices in the central area performed better and more stable than centers outside.

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Hanoi will have more 23,500 new apartments in the last 6 months
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