The social distancing imposed in many cities and provinces had a negative impact on real estate transactions. In these localities, there were nearly no secondary real estate transactions.

In many transactions, only deposit money was remitted, while buyers and sellers only wrapped up transactions when social distancing was lifted.

The offered land prices in the secondary market were stable in September at price levels established in Q2, with no sharp increase or fall.

Apartments

The average offered prices of apartments in Hanoi, Da nang and Khanh Hoa decreased by 2-4 percent, while they tended to rise in the south. In HCM City, apartment prices increased by 2 percent, Binh Duong 4 percent, Dong Nai and Ba Ria – Vung Tau 5 percent.

In the central areas of cities, affordable apartments priced at VND25-30 million per square meter were no longer seen. Commercial housing projects have very few apartments with prices below VND25 million per square meter.

Affordable apartments were only available at projects located far from central areas. In Hanoi, for example, these apartments were found only in the suburbs, such as Rose Town at No79 Ngoc Hoi in Hoang Mai district (VND26 million per square meter), and Binh Minh Garden on Duc Giang Road in Long Bien district (VND26.3 million).

In HCM City, affordable apartments were seen at a few projects, such as HQC Plaza in Binh Chanh district (VND23 million per square meter), and Citi Esto on Nguyen Thi Dinh in district 2 (VND30 million).

Mid-end apartments priced at VND30-50 million per square meter were the major products in the apartment market. The prices of these apartments rose in some areas, including Cau Giay and Nam Tu Liem in Hanoi, districts 5 and Thu Duc City in HCM City, and Di An City in BinhDuong province.

Land

MOC said that land prices in Q3 were nearly the same as Q2. The prices stayed high in the north, especially in Hanoi. Project land in Dai Kim – Dinh Cong new urban area project was priced at VND46 million per square meter, Thanh Ha Muong Thanh VND34 million, Eurowindown Twin Parks VND94 million, Kim Chung – Di Trach VND52 million.

Meanwhile, price decreases of 5-7 percent compared with May, before the fourth pandemic wave broke out, were seen at some projects and areas in HCM City and neighboring provinces.

Land in Thanh My Loi residential area in district 2 was traded at VND114 million per square meter, and An Phu – An Khanh at VND211 million.

MOC believes the real estate market won’t see any breakthroughs in the last months of the year, because the negative impact from the fourth Covid outbreak that started in late April is still affecting the southern economy. 

Thuan Phong

High-end apartment prices still rising amid pandemic

High-end apartment prices continued increasing in the second quarter, according to the Ministry of Construction (MOC). Some projects are being offered at high prices of VND650-800 million per square meter.

Land fever falls flat, prices fall

The Ministry of Construction said that the real estate market is under control and stable. Land prices have decreased by 10-20 percent.