Thousands of apartments to enter Hanoi market this year
Hanoi’s condominium supply volume and sales are expected to improve in 2021, with between 24,000 and 26,000 units to be put on the market, CBRE Vietnam said at a January 7 event to announced its Q4 2020 quarterly report.
A bird's-eye view of Thanh Xuan district in Hanoi (Photo: VNA)
Hanoi (VNA) – Hanoi’s condominium supply volumeand sales are expected to improve in 2021, with between 24,000 and 26,000 unitsto be put on the market, CBRE Vietnam said at a January 7 event to announced itsQ4 2020 quarterly report.
CBRE experts projected the capital condo market will beexpanded with the participation of new residential areas, while mid-end andaffordable projects are forecast to move farther outside Ring Road No. 3.
Average selling price in the primary market is projected toincrease by 4 – 6 percent year-on-year in 2021.
According to Nguyen Hoai An, director of CBRE Hanoi Branch,over the past year, the real estate market was disrupted by COVID-19 socialdistancing measures, however, the technology factor proved effective inassisting sales and helping investors in market assessment and decision making.
The local office market, meanwhile, is expected to welcomearound 22,000 sqm NLA (net leasable area) of new office space.
Driving force behind the growth of the market isattributable to demand from the banking-finance, insurance, production, and ITsectors, said CBRE experts.
Industrial real estate market remains a highlight,attracting both domestic and foreign investors. Last year, despite thepandemic, international conglomerates like GLP, LOGOS and JD.com investedheavily in the northern and southern regions. Domestic property developerVingroup also take part, with its two new industrial parks expected to debut in2021./.
Industrial real estate will be a highlight this year and next, despite the sector as a whole struggling with the impact of COVID-19, according to Nguyen Quoc Anh, Deputy Director General of Batdongsan.com.vn, the leading property website in Vietnam.
The Hanoi condominium market had lower new supply volume in the third quarter of this year (Q3 2020), while the sold units have exceeded new launches, according to CBRE Vietnam's report on the Hanoi property market in Q3 2020.
The prices of properties with land in Ho Chi Minh City increased by 15 percent in the third quarter from the same period of last year due to lack of new supply, according to a report by property consultancy JLL.
The local condominium market is expected to maintain growth in the amount of information about property products posted on batdongsan.com.vn and the level of interest in 2021, said Nguyen Quoc Anh, chief business officer (CBO) of the batdongsan.com.vn.
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A bird's-eye view of Thanh Xuan district in Hanoi (Photo: VNA) 
