Just a few months ago, on social networks, many community groups appeared calling for a stop to buying houses in Hanoi to avoid "price gouging" (highly inflated prices, yes). The number of members of these groups is about 100,000-200,000 members.
The purpose of the people who created these groups is to share and confide in stories about buying houses in Hanoi, and discuss the story of real estate prices. Members of these groups often share examples of "shocking" increases in house prices as well as tricks of brokers to inflate prices, calling for consensus to say no to buying houses, bringing Hanoi real estate back to its true value.
The emergence of these sharing groups stems from the shocking increase in real estate prices in Hanoi in a short period of time.
Data from a number of market research units shows that apartment prices in Hanoi have increased.
CBRE Vietnam stated that in the third quarter, apartment prices in Hanoi increased in both the primary and secondary markets. In the primary market, the average selling price of apartments reached VND64 million/m2 (excluding VAT and maintenance fees) - up 8.7% and 26% year-on-year, respectively.
Savills Vietnam also announced that the primary price of apartments in Hanoi reached about 69 million VND/m2, up 6% quarter-on-quarter and 28% year-on-year. The secondary price of apartments in the third quarter also increased to an average of 46 million VND/m2, up 26% after only one year.
Can groups calling for a halt to home buying with hundreds of thousands of members help reduce housing prices in Hanoi?
Responding to this issue, Ms. Nguyen Hoai An, Senior Director of CBRE Hanoi Branch, said that real estate prices fluctuate due to market supply and demand factors or macroeconomic fluctuations. Accordingly, when supply is high, demand is low, liquidity decreases, and the number of buyers decreases, real estate prices will decrease.
The second case that causes real estate prices to fall is major fluctuations in macroeconomic and financial policies. For example, average real estate prices in China fall when the country has management policies that directly affect the market, but prices in major cities such as Beijing and Shanghai still do not fall.
The Vietnamese real estate market currently has no oversupply. The macro-economic context is stable, interest rates, inflation, and exchange rates are maintained at positive levels. Therefore, in the short term, it will be difficult for real estate prices to decrease.
Many community groups with hundreds of thousands of members call for a stop to buying houses in Hanoi (Screenshot).
Will Hanoi apartment prices decrease in the near future?
The third quarter reports of research units all agree that the apartment supply in Hanoi will improve by the end of this year and early next year. CBRE Vietnam affirms that 2024 is the year marking the end of the supply shortage. The total supply this year is forecast to reach over 29,000 products, and in 2025 it is expected to reach over 30,000 products.
Savills Vietnam said that from 2025 onwards, about 110,000 units from 106 projects will be launched on the market.
Apartment prices in Hanoi are expected to not decrease in the near future (Photo: Ha Phong).
However, the price level in 2025 is forecasted to not decrease but will not increase as fast and as much as this year. A representative of CRBE Vietnam predicts that the price of apartments in Hanoi will increase by 25% in 2024 and increase by 5-8% in 2025. With the improved supply, buyers will have more choices in 2025.
Sharing with Dan Tri , Mr. Le Dinh Chung - real estate expert - said that Hanoi apartment prices are in the peak stage. He predicted that from now until the end of the year, the apartment market in Hanoi will not fluctuate much, and the short-term supply will not be able to increase again. Therefore, the selling price in the coming time will still be difficult to decrease.
Mr. Nguyen Quoc Anh - Deputy General Director of Batdongsan.com.vn - believes that Hanoi apartment prices will continue to increase due to the scarcity of supply. The effect of 3 new laws related to real estate will remove bottlenecks and boost supply, but it will take a certain amount of time to "absorb" into the market. Therefore, in the short term, Hanoi apartment prices cannot decrease immediately.
Source: https://dantri.com.vn/bat-dong-san/bao-gio-chung-cu-ha-noi-het-ngao-gia-20241009124511110.htm
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