According to the first quarter 2024 report of PropertyGuru Vietnam Company, the average selling price of apartments in Hanoi in the first 2 months of this year increased by 17% compared to the same period in 2023.
Notably, many projects have increased in price by over 20% after only one year, for example: Royal City, The Pride, My Dinh Song Da Urban Area - Sudico, Sun Grand City increased by 33%; Mipec Rubik 360 and Vinhomes West Point increased by 28%; Dai Thanh apartment increased by 27%; Seasons Avenue apartment increased by 26%.
Mr. Nguyen Quoc Anh, Deputy General Director of PropertyGuru Vietnam, said that Hanoi apartments are not "virtual" prices, but this price increase is partly reflecting the supply-demand relationship. In Hanoi, the supply is not enough to meet the demand, leading to price increases. He predicted that Hanoi apartment prices could continue to increase if demand exceeds the previous peak.
Many apartment projects in Hanoi increased prices by 20% in the first two months of 2024. (Illustration photo: Cong Hieu)
Meanwhile, in Ho Chi Minh City, apartment prices also tend to increase, but the increase is only about 4% compared to the same period in 2023. The apartment market here in recent years has witnessed many adjustments, causing the price level to stay high, so the general price here in the coming time will remain the same or not fluctuate too much.
In addition to apartments, many other types of real estate also witnessed increased demand in early 2024 compared to the same period last year. For example, searches for private houses increased by 27%, townhouses increased by 15%, villas increased by 12%, and land increased by 9%.
Mr. Le Bao Long - Strategy Director of PropertyGuru Vietnam - commented that with these changes, the market is expected to have widespread growth in price, quantity and quality of new projects. The standards and project development capacity of investors will also be improved because there are many regulations tightening conditions for investors. In addition, the interests of real estate consumers will be more guaranteed.
Faced with this situation, Mr. Quoc Anh recommends that investors and real estate buyers and sellers should spend more time observing market developments in the coming period. If the level of interest in apartments in the coming months exceeds the peak of August 2023, it may lead to continued price increases. However, if demand cools down, apartment prices will be adjusted.
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