Hanoi market accepts new level of apartment price

A property project in the west of Hanoi (Photo: VNA)

Tran Quang Trung, director of OneHousing's business development, said recently, some investors have launched property products and sold them very quickly. So, the market has accepted the high price levels that established in the first quarter of this year, he said.

Although apartment prices remained high in the first quarter of 2024, Hanoi still had more than 12,000 transactions in both primary and secondary markets.

The average secondary selling price on the apartment market in the first quarter of this year increased by 14.4% year on year to 55 million VND per sq.m, approaching the investor's primary price. The secondary prices recorded high level in most projects in the East and West areas of Hanoi.

The average primary price in the first quarter was about 58.5 million VND per sq.m, an increase of 11% year over year.

Of which, the secondary price in the East approached to the primary price when the secondary prices increased significantly in the affordable apartment segment in the first quarter.

Meanwhile, this site reported that the secondary price in the West was 7 million VND per sq.m lower than the primary price because many high-end projects continued to launch new supply in the first quarter of 2024.

Supply on the primary market in the first quarter of 2024 reached nearly 3,000 apartments, 2.1 times more than in 2023, but still only equivalent to 80% of the first quarter of 2022.

About 75% of new launches came from old projects, and only four new projects offered their products on the market in the first quarter of 2024.

This was the third consecutive quarter having low new supply, leading to limited primary supply in the Hanoi market.

The apartment prices are likely to have a sideways trend before entering a new price increase period in the future because the supply in the next two years is forecast to be lower than market demand, Trung said./.