Many apartment buildings that have been used for many years in Hanoi also increased in price sharply in the second quarter of 2024 - Photo: NAM TRAN
Hanoi apartment prices increase faster than HCMC
According to information on housing and real estate market in the second quarter of 2024 just announced by the Ministry of Construction , apartment prices in Hanoi and Ho Chi Minh City continue to increase.
In Hanoi, the selling price of used apartments in Royal City urban areas increased by 33%, The Pride building increased by 33%, My Dinh Song Da - Sudico urban area increased by 32%, Vinhomes West Point urban area increased by 28%.
Apartment prices in some old urban areas of Hanoi have also increased rapidly in recent times. Of which, the selling price in Trung Hoa - Nhan Chinh urban area increased by 25%, and the Nam Trung Yen resettlement apartment area increased by 20%.
If you want to buy an apartment with a slower price increase, you have to look to areas far from the center such as Binh Minh Garden Duc Giang project, Le Grand Jardin Sai Dong. However, the selling price of old apartments here is not less than 3 billion VND/unit, the Ministry of Construction added.
Similarly, the selling prices of apartments in some newly opened projects in areas far from the center are also maintaining very high levels.
Specifically, the Lumi Hanoi project costs about 66 - 82 million VND/ m2 , the Imperia Sola Park project costs about 55 - 72 million VND/ m2 , the Grand SunLake project costs 40 - 55 million VND/ m2 , and the Canopy Residences project costs 57 - 72 million VND/ m2 .
According to the Ministry of Construction, the apartment market in Ho Chi Minh City in the second quarter also had an upward trend in prices, with some projects having high average price increases.
According to a survey by a number of market research organizations, the fluctuation in selling prices of mid-range apartments in Ho Chi Minh City (price 35 - 55 million VND/ m2 ) increased by 2%, and high-end apartments (price over 55 million VND/ m2 ) increased by 5% compared to the same period in 2023.
In the central area of Ho Chi Minh City, the City Garden project (Binh Thanh district) is selling for an average of 85 million VND/ m2 , an increase of 18% over the same period last year.
Antonia project (District 7) and Masteri Thao Dien (District 2) increased by 11% and 10% respectively compared to the same period last year.
Apartment prices in Ho Chi Minh City are expected to continue to increase in the coming time due to the scarcity of new project supply.
The selling price at some projects is as follows: Thu Thiem Star from 31.5 - 33.5 million/ m2 , The Era Town 25.5 - 29.5 million/ m2 , Republic Plaza 40.5 - 42.5 million/ m2 , Diamond Centery 58 million VND/ m2 , The Aurora Phu My Hung from 85 million VND/ m2 .
The Ministry of Construction assessed that the increase in apartment prices only occurred in a short period of time, and showed signs of slowing down at the end of the second quarter because prices were already high and buyers were in a wait-and-see mode.
Prices of villas and townhouses in Hanoi and Ho Chi Minh City increase along with apartment prices - Photo: B.NGOC
Prices of villas and townhouses increase along with apartments
The Ministry of Construction said that in the second quarter, the selling prices of villas and townhouses in projects tended to increase compared to the first quarter. The hot price increase in the apartment market has had an impact on increasing the prices of individual houses, villas, townhouses in projects and houses in existing residential areas.
According to a report by the Institute of Construction Economics (Ministry of Construction), in Hanoi, the average selling price at some projects increased compared to the months of the previous quarter.
The average selling price of villas and townhouses at Vinhomes Riverside (Long Bien) increased by about 9.4% (to 244.7 million VND/ m2 ), Rue De Charme (Thanh Tri) increased by about 9.3% (to 259.9 million VND/ m2 ), HUD Me Linh Central (Me Linh) increased by about 8.4% (to 53.1 million VND/ m2 ), and Co Nhue urban area (Bac Tu Liem) increased by about 8.8% (to 232.5 million VND/ m2 ).
In Ho Chi Minh City, the average selling price of some projects increased compared to the months of the first quarter.
For example, the average selling price of villas and townhouses at Precia Riverside (District 2) increased by about 8.6% (to 203.8 million VND/ m2 ), Villa Riviera (District 2) increased by about 6.6% (to 385 million VND/ m2 ), River Park (District 9) increased by about 6.2% (to 111.4 million VND/ m2 ).
According to Article 34, Decree 96/2024 guiding a number of articles of the Law on Real Estate Business recently issued by the Government, when real estate prices on the market fluctuate by more than 20% in 3 months or there are other fluctuations affecting socio-economic stability, the State will intervene to regulate the market.
Speaking with Tuoi Tre Online , some real estate experts said that when apartment prices in Hanoi increased by more than 30% in the second quarter, ministries and sectors need to have timely solutions to regulate and control the price increase of apartments.
Are apartments in Hanoi 'overpriced'?Source: https://tuoitre.vn/bo-xay-dung-gia-chung-cu-tai-ha-noi-va-tp-hcm-tang-manh-nhung-dang-chung-lai-2024081419445396.htm
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