At the end of last year, the Hai Phong real estate market decreased in both supply and demand. Therefore, real estate prices decreased quite sharply. According to the Vietnam Association of Realtors (VARs), at that time, the luxury real estate segment recorded a decrease of 10%, while a project in the mid-range segment had a price decrease of 20-25%, especially some projects offered a discount of over 40% when paying 95% of the progress.
Trading floors have simultaneously cut staff, many large-scale enterprises have cut over 50%, and many small floors have been forced to close. In the first months of the first quarter of 2023, real estate supply and transactions in Hai Phong continued to decrease sharply. Compared to the same period many years ago, supply decreased by 80-90%.
Hai Phong real estate market has shown many positive signs. (Photo: TG)
However, in the first quarter, when the real estate market nationwide continued to be quiet and waiting, the Hai Phong real estate market had many positive signals and in the second quarter of 2023, the Hai Phong real estate market had many clearer signs of improvement with an increasing number of successful transactions and the later the port city market became "brighter".
According to Mr. To Hung, CEO of Recbook, Head of VARS representative office in Hai Phong, the number of successful transactions of brokerage units in the area is increasing and stable. Land prices in some areas in Hai Phong have recorded an increase of about 5% compared to the first quarter. The "hot" areas have no longer recorded losses and have started to have transactions.
According to the report of the Vietnam Association of Realtors (VARS), in the second quarter of 2023, the Hai Phong real estate market has 11 housing projects for sale, bringing about 1,000 products to the market. Of which, about 70% of the supply is luxury apartments from apartment projects in Le Chan district, with an average primary price of about 48 million VND/m2, up 4.3% quarter-on-quarter, equal to the same period last year, 8% lower than the average primary apartment price in Hanoi .
Regarding real estate transactions, VARS data shows that in the second quarter of 2023, the real estate market recorded 236 transactions, with an absorption rate of 24%, up 6 percentage points over the same period last year. In particular, the apartment segment led the transaction volume with all apartment projects opening for sale recording good and steady transaction volumes. Some projects have almost sold out.
Regarding real estate transactions, VARS data shows that in the second quarter of 2023, the real estate market recorded 236 transactions, with an absorption rate of 24%, up 6 percentage points over the same period last year. In particular, the apartment segment led the transaction volume with all apartment projects opening for sale recording good and steady transaction volumes. Some projects have almost sold out.
Regarding selling prices, VARS commented that housing prices in the Hai Phong real estate market have begun to stabilize, even increasing slightly. The selling price of apartments serving real housing needs has increased by about 5% compared to the first quarter. The price of suburban land and commercial housing under 2 billion VND increased by 5% - 7% compared to the first quarter with hundreds of transactions made in June.
VARS said that currently, the exchanges that were forced to temporarily suspend operations have started to return to the market. Many exchanges have also started to post recruitment notices for a large number of brokers. This shows that the market is returning.
However, according to Mr. To Hung, the industrial real estate brokerage force in Hai Phong is currently small and unprofessional because this segment requires brokers to have specialized qualifications.
Regarding the market, Mr. Hung said that Hai Phong is benefiting from planning, and at the same time, a number of social housing projects are being started, which will create momentum for the market here.
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