Illustrative photo (Source: VNA) Apartment supply in Hanoi pickedup in the first three quarters of 2021 with some 11,430 units launched, up 7percent compared to a year earlier, a survey by CBRE shows.
Over 3,480 units were launched in the third quarter ofthis year, a year-on-year drop of 1 percent. About 93 percent of the units arelocated in the west and the east of Hanoi, and 65 percent of them are of thehigh-end segment, said the survey.
The launches were the most active in July and at the endof September, when Hanoi lifted its two-month social distancing order.
The capital city saw apartment sales declining 33percent to nearly 3,000 units in Q3. However, in the context of prolonged socialdistancing, this was still a positive signal for the market, said NguyenHoai An, CBRE Hanoi Branch Director.
The primary market saw apartment prices in the previousquarter surged 16 percent year on year to 1,542 USD per sq.m because of a greatershare of high-end units. The secondary market, meanwhile, was stagnant with pricesedging down 1 percent quarter-on-quarter and up 2 percent year-on-year as a result of COVID-19 restrictions.
From January – September, close to 11,000 units foundbuyers, down 1 percent year-on-year.
The cooperation between domestic and foreign developersand foreign management firms is providing Hanoi with more choices in the apartment segment,An said, adding that thanks to that, the market will be likely to experiencestiffer competition with a wider range of products in the coming time.
The total of units rolled out in 2021 is expected toreach between 17,000 – 18,000, and sales will recover in the fourth quarter ofthis year, according to CBRE.
It also forecast that with the COVID-19 vaccinerollout going smoothly in 2022, facilitating economic recovery and borderreopening, apartment supply and sales will rebound to 25,000 – 27,000 units./.
Over 3,480 units were launched in the third quarter ofthis year, a year-on-year drop of 1 percent. About 93 percent of the units arelocated in the west and the east of Hanoi, and 65 percent of them are of thehigh-end segment, said the survey.
The launches were the most active in July and at the endof September, when Hanoi lifted its two-month social distancing order.
The capital city saw apartment sales declining 33percent to nearly 3,000 units in Q3. However, in the context of prolonged socialdistancing, this was still a positive signal for the market, said NguyenHoai An, CBRE Hanoi Branch Director.
The primary market saw apartment prices in the previousquarter surged 16 percent year on year to 1,542 USD per sq.m because of a greatershare of high-end units. The secondary market, meanwhile, was stagnant with pricesedging down 1 percent quarter-on-quarter and up 2 percent year-on-year as a result of COVID-19 restrictions.
From January – September, close to 11,000 units foundbuyers, down 1 percent year-on-year.
The cooperation between domestic and foreign developersand foreign management firms is providing Hanoi with more choices in the apartment segment,An said, adding that thanks to that, the market will be likely to experiencestiffer competition with a wider range of products in the coming time.
The total of units rolled out in 2021 is expected toreach between 17,000 – 18,000, and sales will recover in the fourth quarter ofthis year, according to CBRE.
It also forecast that with the COVID-19 vaccinerollout going smoothly in 2022, facilitating economic recovery and borderreopening, apartment supply and sales will rebound to 25,000 – 27,000 units./.
VNA
