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In the future, there will be more 78 projects in the market, half of which are in the planning phase which promises to provide more 1,670 units by 2018.
According to a report of Savills Vietnam Company, in the second quarter of 2017, 12 new projects were launched in Hanoi with 1,719 units, of which townhouses accounted for 66%. Trading volume in the first quarter reached 1,310 units, increase of 126% compared to the previous quarter and approximately 4.5 times higher than the same period last year. Trading volume of the townhouse is twice higher than the villa segment. Ha Dong district ranked first in trading volume, followed by Hoang Mai district.
CBRE’s statistics show that the housing market in the second quarter of 2017 witnessed many positive developments. New high price projects such as Vinhomes The Harmony, Romantic Park, Starlake and Gamuda… have made the primary market price continue to stabilize at USD 3,700/m2.
Together with that, secondary prices in the market also increased by 1.7% compared to the previous quarter and 4.3% over the same period last year, to USD 3,826 / m2. Most of the urban districts such as Dong Da, Tu Liem, Ha Dong and Thanh Xuan have prices increase by 0.8% – 6% compared to the previous quarter.
Notably, rapid construction progress was noted in the last quarter in large scale projects such as The Manor Central Park, Lakeside of phase 2 (Splendora) and Starlake of the West of Lake West. This is a signal shows that these projects are likely to be open for sale in the near future.
In addition, 146 townhouses from Park City Phase 3 and 493 remaining units of the Vinhomes The Harmony project are expected to significantly supplement to market supply in the second half of the year.
Forecasts for this market in the last months of 2017, Vietnam Real Estate Association forecasts that the segment of townhouses and villas continued to have positive developments in the market because the home buyers prefer to have an independent house instead of living in a condominium.
Nowadays, investors are currently developing separate projects with modern facilities to meet all the needs of consumers. At the beginning of the sale, most of the townhouses are mostly suitable to the financial capacity of young families.
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Mr. Nguyen Manh Ha, Chairman of the Association of Real Estate Brokers in Vietnam analyzed: “In addition to the large population (the population of Hanoi is estimated to reach 7-8.2 million by 2020 and 9.3 million by 2030). The fast speed of urbanization is also one of the reasons stimulating the demand for housing in Hanoi.
It is forecasted that the middle class number of Vietnam increase rapidly, reach 44 million people by 2020, reaches 21 million of households with income more than 7,500 USD by 2030. Those are the major source of homebuyers and part of investors, which are also the reasons leading to the strong development of the villa/adjoining market.
At the same time, there are dramatic changes to meet the real needs of the market. Those who have real need will be the main source of customers of this segment, because these are of great value, low liquidity so it is difficult to invest in “surfing” style.
In 2017, this type of real estate will be benefited from the improvement of urban infrastructure in Hanoi. Traffic is more and more open, first of all is expressways, inter-regional routes, metro which will create a great opportunity to develop townhouses/villas projects outside the center of Hanoi both in the medium and long term.
Nguyen Hoai An, Director of Research, Consulting and Pricing of CBRE also reviewed that Hanoi and HCMC are experiencing rapid real estate development in recent years, requiring the development of infrastructure. New buildings such as overpasses, tunnels and above trains have been built to keep pace with this speed.
The Cat Linh – Ha Dong high-speed over train route is expected to be put into operation by the end of 2017, which is expected to bring a lot of benefits to nearby real estate projects and cause the increase the demand for developing utilities attaching to transit points.
Over time, the face of Hanoi real estate including villas/ townhouses will change as consumers change their habits of transporting and living.
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