Reasons for the sudden drop in apartment transactions.

TPO – According to the Ministry of Construction , the volume of transactions for apartments and detached houses in the second quarter tended to decrease compared to the first quarter of this year and the same period last year. The reason given by the Ministry of Construction is that house prices are already high and buyers are in a wait-and-see mode.

The Ministry of Construction has just released information on housing and the real estate market in the second quarter. According to surveys and compiled reports from several major provinces and cities such as Hanoi and Ho Chi Minh City, apartment prices have increased by an average of 5% to 6.5% and 25% year-on-year, depending on the area and location. The increase in apartment prices is not only seen in newly launched projects but also in many older apartments that have been used for many years.

"However, this situation only occurred for a short period, and there were signs of a slowdown towards the end of the quarter due to high prices and a wait-and-see attitude among buyers," the Ministry of Construction assessed.

In Hanoi, several apartment projects have seen significant price increases, such as Royal City and The Pride (up 33%); My Dinh Song Da – Sudico (up 32%); and Vinhomes West Point (up 28%).

Apartment prices in Hanoi are constantly rising.

In some older urban areas like Trung Hoa - Nhan Chinh, apartment prices have also increased by 25%; resettlement apartment complexes in Nam Trung Yen have seen a 20% increase…

To buy an apartment where the selling price increases more slowly, buyers have to look to areas further from the city center such as Tay Mo (Nam Tu Liem), Hoai Duc, Sai Dong (Long Bien)... but the selling price is still not less than 3 billion VND.

In Ho Chi Minh City, apartment prices are also not immune to the upward trend. The asking prices for mid-range apartments (priced at 35-55 million VND/m2) increased by 2%; and for high-end apartments (priced above 55 million VND/m2), they increased by 5% compared to the same period in 2023.

The selling prices of used apartment projects in Ho Chi Minh City are also trending upwards, especially in the inner city area. A survey of the City Garden project (Binh Thanh District) shows an average selling price of 85 million VND/m2, an 18% increase compared to the same period last year. The Antonia project (District 7) and Masteri Thao Dien project (District 2) saw increases of 11% and 10% respectively.

According to analytical reports, apartment prices in Ho Chi Minh City are likely to continue rising in the near future due to the scarcity of new projects entering the market.

According to statistics from the Ministry of Construction, in the second quarter, there were nearly 25,890 transactions of apartments and individual houses, equivalent to 72.2% compared to the first quarter of 2024, and 87.08% compared to the same period in 2023.

Regarding the development of commercial housing in the second quarter, the Ministry of Construction reported that 9 projects were completed nationwide, comprising approximately 5,005 units. The number of completed commercial housing projects in the second quarter was 128.5% compared to the same period in 2023. Hanoi had 1 completed project, Hung Yen had 3 completed projects, and Ho Chi Minh City had 2 completed projects.

Similarly, the number of newly licensed projects in the second quarter was 19, with a scale of approximately 10,230 apartments, representing 126.6% compared to the same period last year. The number of projects eligible for selling housing units under construction was 50, with a scale of approximately 13,167 apartments, representing 106.38% compared to the same period last year. There are 998 projects under construction nationwide, with a scale of approximately 437,153 apartments.

Ngoc Mai

Source: https://tienphong.vn/ly-do-giao-dich-chung-cu-dot-ngot-giam-post1663705.tpo