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Housing transactions in Hanoi hit record high

Housing transactions in Hanoi last year hit a record 21,100, surpassing the sector’s peak in 2009, according to property service provider CB Richard Ellis (CBRE) Vietnam .

 

 

High-end apartment transactions accounted for 32% of the total, up from 20% in previous years.

 

According to CBRE, a number of property investors have sped up delayed projects. Several apartment projects have been restructured in both size and price in accordance with market demands.

 

The mid-end and low-cost apartment transaction rate was down compared to 2014, however, it still accounted for a large share of the total sales due to reasonable pricing.

In 2015, about 28,300 apartments were put on the market in Hanoi , up 70% compared with the previous year.

 

High-end apartments accounted for 28% of the total share compared to the peak of 21% in 2009.

 

In terms of location, new properties from Hoang Mai and Hai Ba Trung districts accounted for nearly 50% of the total, while the city’s western and south western parts accounted for a more modest 46%.

 

Average prices of new projects increased by 3-5% year-on-year, and even the prices rose about 5-7% for high-end projects, said Nguyen Hoai An, CBRE Vietnam’s Vice Director.

 

Experts agreed that since the amended Housing Law came into effect on July 1 last year, interest from foreign buyers in high-end projects in Hanoi and Ho Chi Minh City has increased.