Experts at foreign property consulting firms expect the property marketin Hanoi to rebound strongly this year, owing to robust sales ofapartments during the last quarter of 2014.
The Savills VietnamLtd Company pointed out that six new housing projects, withapproximately 2,900 units, have been launched recently. This reflectsthe highest number since the second quarter of 2013.
"The‘apartments for sale' segment is recovering. Since the first quarter of2014, the number of apartments placed on sale has jumped, while theinventory level has decreased," Do Thu Hang, the Head of Research andConsultancy, Savills Hanoi, said on January 11.
"The number ofsold apartments during the last two quarters is at its highest since thesecond quarter of 2011. The total number of sold apartments in 2014 wasthe highest since 2009."
There is continuing demand fromend-users and investors on projects with the following characteristic:good construction progress, convenient accessibility and strongdeveloper reputation, Savills Vietnam revealed.
Some projects inthe foundation stage are also reporting a strong absorption rate due tothe participation of speculators and real-estate agents stepping up thepremium on off-contracts.
Meanwhile, the CB Richard Ellis Vietnam(CBRE) Ltd Company said sales momentum for condominiums has continuedto grow firmly and steadily. The market absorbed an estimated 3,990units during this quarter alone, which was reflected in the 47 percentgrowth from last quarter.
In total, 10,700 units were reportedly sold in 2014, which was a 60 percent increase from 2013's record.
"Withthe market's recovery, the real-estate risk level has decreased. Alongwith the disbursement from banks and other investors, the real-estateM&A activities will become more intense," said Nguyen Hong Son, Headof Savills Hanoi's Valuation and Feasibility Study and Valuation.
"Theproperty market in 2015 has been on the road to recovery since 2014,and is expected to see a significant increase in the residential sector.Also, the market should get a new target when the new housing lawbecomes effective," Son noted.
"Moving forward, it is expectedthat the market will continue to look positive in 2015," said NguyenHoai An, CBRE Hanoi's Senior Manager.
Sales are expected toremain strong, while more launches of new projects and re-startedprojects will be announced in the market, especially during the firsthalf of 2015, she added.
Luxury and high-end products will besought-after as stock for these products is diminishing, said An, addingthat while foreign ownership will be expected to stimulate demand,activities on this front will be slow in near-term as new players taketheir time to assess the market's movement.
By the end of 2016, about 14,200 apartments from 25 projects are expected to come online, Savills Vietnam predicted.
Therevised Housing and Real Estate Business Laws are also expected toboost demand from foreigners and Vietnamese residing abroad.
The market is expected to grow in 2015, but could be hurt by strong speculation.-VNA
The Savills VietnamLtd Company pointed out that six new housing projects, withapproximately 2,900 units, have been launched recently. This reflectsthe highest number since the second quarter of 2013.
"The‘apartments for sale' segment is recovering. Since the first quarter of2014, the number of apartments placed on sale has jumped, while theinventory level has decreased," Do Thu Hang, the Head of Research andConsultancy, Savills Hanoi, said on January 11.
"The number ofsold apartments during the last two quarters is at its highest since thesecond quarter of 2011. The total number of sold apartments in 2014 wasthe highest since 2009."
There is continuing demand fromend-users and investors on projects with the following characteristic:good construction progress, convenient accessibility and strongdeveloper reputation, Savills Vietnam revealed.
Some projects inthe foundation stage are also reporting a strong absorption rate due tothe participation of speculators and real-estate agents stepping up thepremium on off-contracts.
Meanwhile, the CB Richard Ellis Vietnam(CBRE) Ltd Company said sales momentum for condominiums has continuedto grow firmly and steadily. The market absorbed an estimated 3,990units during this quarter alone, which was reflected in the 47 percentgrowth from last quarter.
In total, 10,700 units were reportedly sold in 2014, which was a 60 percent increase from 2013's record.
"Withthe market's recovery, the real-estate risk level has decreased. Alongwith the disbursement from banks and other investors, the real-estateM&A activities will become more intense," said Nguyen Hong Son, Headof Savills Hanoi's Valuation and Feasibility Study and Valuation.
"Theproperty market in 2015 has been on the road to recovery since 2014,and is expected to see a significant increase in the residential sector.Also, the market should get a new target when the new housing lawbecomes effective," Son noted.
"Moving forward, it is expectedthat the market will continue to look positive in 2015," said NguyenHoai An, CBRE Hanoi's Senior Manager.
Sales are expected toremain strong, while more launches of new projects and re-startedprojects will be announced in the market, especially during the firsthalf of 2015, she added.
Luxury and high-end products will besought-after as stock for these products is diminishing, said An, addingthat while foreign ownership will be expected to stimulate demand,activities on this front will be slow in near-term as new players taketheir time to assess the market's movement.
By the end of 2016, about 14,200 apartments from 25 projects are expected to come online, Savills Vietnam predicted.
Therevised Housing and Real Estate Business Laws are also expected toboost demand from foreigners and Vietnamese residing abroad.
The market is expected to grow in 2015, but could be hurt by strong speculation.-VNA
