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Apartment prices increase sharply in Hà Nội

VIETNAM, April 4 - HÀ NỘI — The first quarter report released on April 3 by Batdongsan.com.vn showed that average selling prices of apartments in Hà Nội in the first two months of this year increased by 17 per cent compared to the same period in 2023.

Many buyers, sellers and real estate brokers believe that the apartment prices in Hà Nội are escalating. Many projects have seen the price increase by over 20 per cent after just one year.

Of which, the apartment prices have surged by 33 per cent in Royal City, The Pride, Mỹ Đình Sông Đà - Sudico Urban Area, and Sun Grand City, 28 per cent in Mipec Rubik 360 and Vinhomes West Point, 27 per cent in Đại Thanh Apartment, and 26 per cent in Seasons Avenue, according to Batdongsan.com.vn.

The average prices in those projects now arrange between from VNĐ26 million to VNĐ107 million per sq.m depending on each project.

Nguyễn Quốc Anh, deputy general director of Batdongsan.com.vn said this increase partly reflects the law of supply and demand.

In Hà Nội, the supply is not enough to meet the demand, leading to the increase prices. Meanwhile, in HCM City, the apartment prices also tended to increase, but the increase was only about 4 per cent compared to the same period in 2023.

The HCM City’s apartment market in recent years has witnessed many times of increasing to a high level, so that price in the coming time will be flat or not fluctuate too much. While, Quốc Anh forecasts that the apartment prices in Hà Nội may continue to increase if demand exceeds the old high peak.

“The number of people looking to buy apartments in Hà Nội increased significantly from the second quarter of 2023, peaking in August 2023. After that, a large number of people selling apartments caused the demand to decrease. However, the demand for apartments increased sharply again from December 2023. By February 2024, this demand was back to the peak as August 2023,” he said.

Quốc Anh has recommended that investors and real estate buyers and sellers need to spend more time observing market developments in the upcoming period.

He said if the level of interest in apartments in the coming months continues increasing, it could lead to the price levels increasing continuously. However, if demand cools down, apartment prices will be adjusted.

Besides apartments, many other types of real estate also saw increased demand in the early of 2024 compared to the same period last year. Specifically, searches increased by 27 per cent for private houses, 15 per cent for townhouses, 12 per cent for villas, and 9 per cent for land plots, according to data from Batdongsan.com.vn. — VNS