How much are villas and townhouses in Hanoi?

Specifically, for villas, the primary price remains at 111 million VND/m2 of land. Similarly, for townhouses, the primary price is recorded at 167 million VND/m2 of land.

According to Savills, in the first quarter of 2023, primary supply decreased significantly, with about 759 units from 14 projects entering the market, down 18% quarter-on-quarter and 50% year-on-year. New supply included 29 villas from an existing project in Me Linh, down 36% quarter-on-quarter and 96% year-on-year. In addition, some investors were forced to temporarily close their product lists (equivalent to 27% of primary supply) to use for bond payment or price adjustment purposes. This somewhat further impacted supply.

In the first quarter of 2023, the Hanoi market recorded 88 transactions.

How much are villas and townhouses in Hanoi? - 1 — Prices of villas and townhouses in Hanoi remain high. (Illustration photo)

Commenting on the market performance in the first quarter of 2023, Ms. Do Thu Hang, Senior Director, Savills Hanoi Research & Consulting Department, said: “ The market in the first quarter of the year has limited new supply. If the supply and demand problem is solved properly, the market can show positive signs because the market foundation is very good. Specifically, factors such as large population, rapid urbanization, and Hanoi attracting migration demand from many localities will be the driving force for real housing demand ."

Predicting the future trend, Ms. Hang said that due to limited primary supply and high primary prices, the market will shift demand to the secondary market.

Looking at the future prospects of the segment, Ms. Hang assessed that Resolution 33/NQ-CP 2023 was issued as a mechanism to remove difficulties, creating a premise for the development of the real estate market to have more positive changes in legal factors as well as capital sources.

" From now until the end of the year, there are about 1,865 units from 16 projects expected to launch and Me Linh district still holds the largest market share of 18%, followed by Hoai Duc at 17% and Thanh Tri at 14%. These product lines are mainly located outside Ring Road 3 ", said Senior Director, Research & Consulting, Savills Hanoi.

In addition, infrastructure also reflects the market outlook in the coming time. Although the market growth is slow, there are still positive changes.

“ The city’s infrastructure development projects include Vinh Tuy Bridge Phase 2, urban railway line 3 (Nhon - Cau Giay), Ring Road 3.5 and Ring Road 4. Areas adjacent to these projects such as Hoai Duc, Cau Giay, Nam Tu Liem, Gia Lam, Long Bien, Hoang Mai, Thanh Tri will benefit. Since Metro Line 2A was put into operation, Savills has seen primary villa prices in Ha Dong district increase by 37%, townhouses also increase by 26% and shophouses increase slightly by 6% ,” Ms. Hang added.

With the restructuring of the industry, the economy is still growing, most investors still believe in the potential of the Vietnamese real estate market. Although the number of transactions is decreasing, the demand for housing for real needs is still high. In particular, the appearance of new projects with large scale and clear legal status will create new momentum for the market of villas and townhouses in the future.

Ngoc Vy

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