The supply of new apartments in Hanoi increased fourfold in the second quarter of 2024 from the previous quarter, Nguyen Hoai An, Senior Director for the research and consulting division at CBRE Vietnam, said at a press conference on July 9.
Hanoi is projected to offer over 20,000 new apartment units by 2026, statistics showed. The increases supply is expected to prevent the prices of apartments from "skyrocketing" and help buyers have more choices.
According to Dang Phuong Hang, General Director of CBRE Vietnam, said that during the January-June period, the supply of residential real estate in Hanoi, especially the apartment segment, had many bright spots. Specifically, over 10,840 apartments were offered to the market in the reviewed period, the highest supply recorded since 2020.
CBRE's survey pointed out that in the second quarter, the majority of new supply concentrated in the west of Hanoi and came from Lumi Hanoi (first phase) and Imperia Sola Park projects.
Meanwhile, apartment supply in Ho Chi Minh City remained limited in the second quarter as nearly 1,200 new apartments were opened for sale which mainly located in the eastern and southern areas of the city, the firm said, noting that most of the apartments were offered to the market during the first half came from following phases of the projects already opened for sale in 2023.
Regarding purchasing power, An said that the apartment market in Hanoi has strong growth momentum with the number of units sold in the first half of this year exceeding the level recorded in the same period last year. As many as 10,170 apartments were sold in the second quarter of this year, a fivefold increase against the previous quarter. In particular, the second quarter recorded a number of projects that sold out 80%-90% of their inventory despite having a large number of units for sale.
Although the supply was limited, projects with new offers in HCM City in the first half of the year still achieved good sales, as the number of apartments sold was equivalent to 80% of the figure seen in last year’s corresponding period.
As for selling prices of apartments, Vo Huynh Tuan Kiet, director of CBRE Vietnam's housing marketing department, said the prices of apartments in Hanoi is approaching that of HCM City in both primary and secondary markets. In the primary market, the average selling price of apartments in Hanoi reached approximately 60 million VND per sq.m in the second quarter of 2024, up 6.5% over the previous quarter and nearly 25% year-on-year.
In HCM City, the selling prices on the primary market continued to increase slightly, increases of 3% quarter-on-quarter and 6% year-on-year, reaching 63 million VND per sq.m, he added.
