(Dan Tri Newspaper) - According to experts, buyers can look for properties in areas far from the city center. This requires flexibility in commuting but is a viable solution for those with limited budgets.
Apartment supply has improved, but prices remain high.
According to a report from a real estate company, supply has improved significantly compared to five years ago, with the total supply of new apartments in 2024 reaching 24,996 units, the highest since 2020.
However, apartment prices for sale continue to remain high. Primary asking prices (prices sold directly by the developer) reached VND 75 million/m2, up 9% quarter-on-quarter and 29% year-on-year.
In 2024, apartments priced above 4 billion VND accounted for 59% of total sales, a significant increase from 2% in 2020. Apartments priced between 2 billion and 4 billion VND accounted for 40%, while only 1% were priced below 2 billion VND.
According to real estate expert Do Thu Hang, apartment prices in Hanoi's primary market continue to remain high. Even the affordable apartment segment, previously considered low-cost commercial housing with average prices ranging from 30-40 million VND/m2, has now reached approximately 50 million VND/m2. Apartments priced lower than this are very rare.
An apartment building in Hanoi (Photo: Tran Khang).
Ms. Hang noted that the current market problem is the shortage of affordable and mid-range apartments, but the high demand for higher-priced apartments cannot be denied. As prices continue to rise, buyers with limited budgets will face difficulties in accessing housing that suits their financial capabilities.
The market is currently experiencing a supply imbalance, but with adjustments from the Land Law, the Real Estate Business Law, and the Housing Law, more attention will be paid to areas suitable for developing affordable housing in the future. The law of supply and demand shows that when there is demand, supply will inevitably be met.
What should homebuyers do?
Buyers still have other options to seize the opportunity to own a home. Because, although they only account for a small proportion, it cannot be said that the supply of apartments under 2 billion VND has completely disappeared; rather, the number currently available on the primary market is becoming increasingly scarce.
In the secondary market, these apartments still exist, although most are located in areas far from the city center and are small in size. Furthermore, in terms of planning, many projects are still in the planning stages. Therefore, the segment of apartments priced under 2 billion VND is likely to continue to be supplemented in the near future. If this supply does not come from the commercial market, then social housing will be an alternative solution.
Alternatively, another strategy is to look for properties in areas further from the city center, where prices are more reasonable. This may require flexibility in commuting, but it's a viable solution for those with limited budgets.
Mr. Nguyen Van Dinh - Chairman of the Vietnam Association of Real Estate Brokers (VARS) - also believes that the affordability of housing for middle-income earners is becoming increasingly difficult as house prices continue to rise, with newly launched apartment projects all having selling prices of 60 million VND/m2 or more.
However, with the current high housing prices in Hanoi, the rate of price increase is unlikely to be maintained as in previous periods. The reality is that bank interest rates are not fixed; in some periods, adjustments to interest rates make home loans more expensive, potentially making it difficult for many homebuyers to meet their installment payments.
"Buyers need to accept moving to areas with lower prices, such as districts further from the city center or satellite towns around Hanoi," he said.
Source: https://dantri.com.vn/bat-dong-san/gia-chung-cu-tang-cao-nguoi-it-tien-mua-nha-o-dau-20250222153120855.htm
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