New supply and consumption of Hanoi apartments in the second quarter of 2024 reached a record

In the second quarter of 2024, the supply of new apartments reached 8,400 units, and the consumption reached nearly 8,300 units. This is the highest level in the past three years.

According to the OneHousing Center for Market Research and Customer Insights, the supply of new apartments in Hanoi in the second quarter increased by 97% compared to the first quarter. This figure increased almost equivalent to the supply of new apartments in Hanoi in the whole year of 2023 (nearly 8,600 units).

Of which, the high-end apartment segment accounts for 61%. Luxury supply has increased its market share strongly, reaching 36% of the total market and is mainly concentrated in the West of Hanoi. Meanwhile, the supply of mid-range apartments only reached nearly 2.3%. Consumption in the second quarter of 2024 reached nearly 8,300 units, 4.5 times higher than the same period last year and an increase of 43% compared to the second quarter of 2022.

Of which, the two metropolises Vinhomes Ocean Park and Vinhomes Smart City account for more than 90% of the market share of the entire Hanoi market. Vinhomes Smart City recorded new high-end and luxury projects opening for sale simultaneously. Sales at Vinhomes Ocean Park project also increased by 194% compared to the previous quarter and increased by 674% compared to the same period in 2023, mainly from high-end projects, such as: Masteri Waterfront, Zurich, Beverly...

The primary selling price of apartments in Hanoi in the second quarter reached nearly VND65 million/m2, up 25% compared to the first quarter, up 30% compared to the same period in 2023, due to the new supply being mainly high-end and luxury.

From 2025 onwards, nearly 100,000 units from 105 projects will be launched on the market.

It is expected that from 2025, nearly 100,000 apartments from 105 projects in Hanoi will be launched on the market.

According to Mr. Tran Minh Tien, Director of OneHousing, supply and consumption both reached the highest level since 2021, which is a sign that the Hanoi apartment market is recovering strongly. In particular, some high-end, luxury projects with relatively high prices have also sold out in a short time.

According to Mr. Tien, there are 3 main reasons to explain that.

Firstly, the type of apartment with easy liquidity such as studio and 1 bedroom is favored by investors recently. Because this type of apartment is easy to rent, has monthly cash flow, and good price increase. Making the projects always in a state of being sold out during the first time of sale.

Second, real estate loan interest rates in the second quarter remained low with loan packages ranging from 50 - 80% of the apartment value.

Sales policies of extending payment progress by 2% - 5% of the apartment value each period with long interest support periods are also applied by investors, helping customers to extend their payment cash flow and at the same time stimulating demand for home purchases.

Third, the Prime Minister requested the Land Law, Housing Law, Real Estate Business Law (amended) and the Law on Credit Institutions to accelerate the development of guidelines for the implementation of the laws so that they can take effect on August 1, which will help the market to feel secure and trade stably.

Regarding the transfer market alone, secondary transactions reached nearly 23,000 units, an increase of 40% compared to the first quarter. Of which, residential land transactions accounted for nearly 57% of total transactions.

Thus, in the first 6 months of 2024, the total secondary high-rise transactions reached nearly 15,900 units. Of which, Gia Lam district accounted for the highest market share of 19% (94% of transactions came from Vinhomes Ocean Park), followed by Nam Tu Liem (48% of transactions came from Vinhomes Smart City), Ha Dong. The average transaction price of the whole market reached 50 million VND/m2.

Regarding the residential market, the transaction volume in the first 6 months of 2024 reached nearly 22,000 units. In the second quarter alone, the transaction volume reached nearly 13,000 units, an increase of 50% compared to the first quarter due to a sharp increase in transactions in April.

Ha Dong and Long Bien districts continue to lead in residential land transactions, accounting for more than 40% of the market share, followed by Hoang Mai, Gia Lam and Dong Da. Notably, the number of transactions in Long Bien district skyrocketed in the second quarter of 2024, with nearly 2,700 units, an increase of 93% compared to the first quarter, becoming the district with the most transactions in the second quarter.

It is forecasted that the supply by the end of this year in Hanoi will reach nearly 22,000 units, higher than the period of 2022-2023. Of which, the new supply at Vinhomes Ocean Park 1 and Vinhomes Smart City will launch 80-90%. In 2025-2026, the market will have additional supply from new projects at Vinhomes Ocean Park 2 and Vinhomes Co Loa.

Source: https://baodautu.vn/batdongsan/nguon-cung-moi-va-luong-tieu-thu-chung-cu-ha-noi-quy-ii2024-dat-ky-luc-d220275.html