Rapid recovery

Real estate investment trends continue to prove their role as the "king channel" as the market witnessed a strong price increase in the first quarter of 2024. This increase contributed to establishing a new price level, bringing the average price of apartment units to 59 million VND/m2.

Demand for transactions has increased sharply.

The apartment craze, coupled with low savings interest rates, has also contributed to a trend of shifting housing from apartments to low-rise houses or houses in alleys accessible by car.

According to CBRE, secondary apartment prices in Hanoi in the first quarter of 2024 also recorded a year-on-year increase of up to 17% - the highest ever. This upward trend occurred in most districts of Hanoi, especially in the western area. According to several real estate brokerage offices, transactions of high-value properties have also been more active since the Lunar New Year, particularly in the Ha Dong, Nam Tu Liem, Cau Giay, and Tay Ho districts.

A real estate agent recently shared that he successfully closed a deal for a townhouse in Nam Tu Liem district. The house had been on the market for five years, but buyers considered it too expensive. However, since the Lunar New Year, the number of people viewing the property has surged. The house was successfully sold in early April 2024. Although the price didn't increase, the quick sale was unexpected, as agents had previously classified this property as "difficult to sell."

The real estate market in western Hanoi is continuing its rapid recovery.

Similarly, a real estate agent specializing in villas in the western area of ​​Hanoi also shared that they had just successfully closed a deal for a villa at the Solasta Mansion project.

According to this source, the number of customers interested in villas at the Solasta Mansion project (Duong Noi New Urban Area) has also increased sharply since the Lunar New Year. The primary market price for this project is approximately 150 million VND/m2. If we subtract the developer's current policies such as an 11% discount for customers paying in installments, interest rate support for up to 36 months, or lucky draw prizes like overseas trips or Mercedes-Benz cars, the current ceiling price for Solasta Mansion villas is more affordable, around 140 million VND/m2. This price is considered attractive in an area with a young population, developed infrastructure, especially for a project located right at the gateway to Ha Dong - West Hanoi.

"Starting from the end of January, especially from around March, the number of villas successfully sold in this project increased sharply and the transaction speed was also very fast," this real estate agent said. "This is partly because the selling price in this project has not increased compared to the period before Tet, and partly because the number of units for sale is not large, while the location and infrastructure are very beautiful."

The Solasta Mansion project in the Duong Noi New Urban Area is witnessing brisk transactions.

Expectations of a new price increase in the low-rise housing segment.

Some investors expect prices for low-rise properties in projects in western Hanoi to continue rising sharply, as current prices remain reasonable compared to 2023. Meanwhile, the supply of new townhouses and villas in this area is relatively limited.

According to a big data analysis by batdongsan.com.vn released at the end of Q3/2023, the average price increase over the 5-year cycle (2018-2022) in the Ha Dong area saw an average increase of 20.1% per year for villas – the second highest increase after land plots at 25% per year. The average villa price recorded in 2023 reached 149 million VND/m2.

Decoding the "land fever" in the western area of ​​Hanoi, one reason is that the area has a relatively young population and a high concentration of companies and offices. In addition, the western area benefits from well-developed infrastructure. Recently, the Astronomy Park – a large theme park in Southeast Asia – also opened, further enhancing the area's amenities.

In particular, a series of positive infrastructure developments are boosting the recovery of the real estate market in the West, giving the area a strong transportation network connecting it to Hanoi's inner city and to neighboring provinces and cities, as well as major national highways.

The potential for low-rise real estate in the western part of the capital is bright.

Besides major routes like Nguyen Trai and To Huu, the Cat Linh - Ha Dong railway line, and the BRT bus system, the extended Le Quang Dao road is expected to open in Q3/2024, and the rapidly developing Ring Road 3.5, which connects Ring Road 3 and Ring Road 4, will play a crucial role in connecting the western and northern areas of Hanoi.

In particular, the Ring Road 4 of the Capital Region, expected to be put into use in 2026-2027, will contribute to connecting provinces and creating new development space for the entire Capital Region, including Hanoi, Hung Yen, and Bac Ninh .

According to a veteran investor, "the emergence of these major arterial roads will create the potential for rapid value appreciation of real estate in Ha Dong, encouraging homebuyers and investors to move out of the city center to seek new opportunities at lower prices, with high potential for price increases, while still ensuring convenient transportation, infrastructure, and amenities."

Source: https://baodautu.vn/batdongsan/bat-dong-san-tay-ha-noi-da-phuc-hoi-nhanh-chong-d215948.html