Hanoi apartments have established a new price level after a period of rapid increase.

According to OneHousing Market Research & Customer Insight Center, Hanoi's primary apartment market continues to record a positive recovery. New supply and primary consumption in the first quarter of 2024 both reached about 3,000 apartments, 2.1 times higher than in 2023, but still only equivalent to 80% of the first quarter of 2022.

Hanoi apartments have established a new price level after a period of rapid increase. (Photo: ST)

In Hanoi, only a few large investors can launch products, 95% of which are concentrated in the East and West. Specifically, 75% of newly opened apartments still come from projects that were opened for sale in and before 2023; only 4 new apartment buildings will be opened for sale in the first quarter of 2024. This is also the third consecutive quarter that the newly opened supply is lower than the consumption, showing that primary supply continues to be limited in the Hanoi market.

Also according to OneHousing, the primary selling price of apartments in the first quarter of 2024 remained stable, around VND58.5 million/m2, as many subdivisions in large metropolitan areas kept the same price. However, compared to the first quarter of 2023, the primary price in the first quarter of 2024 increased by 11%.

Meanwhile, the average secondary selling price of apartments increased by 14.4% compared to the same period in the first quarter of 2023, reaching VND 55 million/m2, approaching the primary price of the investor. Secondary prices increased in almost all projects in the East and West of Hanoi.

In the East, the secondary price level approached the primary price as secondary prices increased significantly in the first quarter in low-cost areas. Meanwhile, the secondary price in the West is still 7 million VND/m2 lower than the primary price as many high-end projects continue to launch in the first quarter of 2024.

Although apartment prices are still high, in the first quarter of 2024, the Hanoi market still had more than 12,000 transactions in both primary and secondary markets.

Mr. Tran Quang Trung, Business Development Director of OneHousing, commented that the above signs show that the Hanoi apartment market has established a new price level after a period of rapid increase.

“Recently, some investors have launched and sold products very quickly. When both new and transferred products increase in price, supply is lower than consumption, that is when the market has accepted the new price level," the expert said. In the coming time, apartment prices may go sideways before entering a new price increase cycle, because supply in the next 1-2 years is still lower than market demand.

Source: https://www.congluan.vn/chung-cu-ha-noi-da-thiet-lap-mat-bang-gia-moi-sau-thoi-gian-tang-nong-post298302.html