Apartment prices in big cities stay high despite market stagnation
Despite signs of transaction stagnation, apartment prices in several areas of some big cities like Hanoi and Ho Chi Minh City still increased during the second quarter of 2023, said the Ministry of Construction (MoC).
Hanoi (VNA) – Despite signsof transaction stagnation, apartment prices in several areas of some big citieslike Hanoi and Ho Chi Minh City still increased during the second quarter of2023, said the Ministry of Construction (MoC).
In Hanoi, although apartment priceswere already high, they still went up compared to Q1. The projects with thestrongest price hikes are located in Tay Ho district and nearby areas, wherevery few new apartment blocks were put up for sale. Their prices stood ataround 80 - 100 million VND (3,400 - 4,200 USD) per square metre.
The projects on such streets as PhamVan Dong, Nguyen Van Huyen, Vo Chi Cong, and Lac Long Quan also recorded pricesurges, by about 1 - 3% from Q1.
However, prices decreased in some projectsof the mid-end segment that have been put into use for many years such as CT4Vimeco II in Cau Giay district down 1.4%, and Imperial Plaza in Thanh Xuandistrict down 1.9%.
In HCM City, new projects offeredfor sale in Q2 were mainly those under construction and with sufficient legalpapers, leading to a quarter-to-quarter increase of 2 - 3% in apartment pricesat some projects despite a stagnation in the market.
In contrast, prices fell in some otherprojects which have competitive prices offered by investors.
Across the nationwide market, apartmentsin the affordable segment, under 25 million VND per square metre, saw almostunchanged prices and no new projects were launched in Q2, according the MoCsurvey./.
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Illustrative image (Photo: baodautu.vn) 
