return icon Vietnamnet.vn

Apartment prices continue to rise because of supply shortage

Apartment prices in Hanoi have been increasing, now hovering around VND40 million per sq m.

The number of apartment projects for sale is modest, so investors have set very high selling prices. Apartments in Linh Dam area were launched on the market at prices of VND40-45 million per sqm.

An apartment project on Pham Ngoc Thach street is being offered at VND80 million per sqm. A one-bedroom apartment there is priced up to VND4 billion, while larger ones with an area of 100 sqm and higher are priced at VND10 billion.

At another project on Le Van Luong street, with the highest number of apartment blocks in Hanoi, the investor has introduced apartments at prices of VND80 million per sqm. Lower-end apartments in the area are selling at VND60 million per sqm.

Apartments have become more expensive not only in the inner city but also in non-central business areas. Apartments in Nam Tu Liem and Gia Lam are priced at over VND50 million per sqm. At some projects, investors quote prices of VND80-90 million per sqm.

According to Kiet Vo from CBRE Vietnam, low-cost apartments in Hanoi disappeared in late 2021. This happened previously in HCM City, and now is occurring in Hanoi.

The selling price in the primary market in Q2 2022 was $1,872 per sqm, not including VAT and maintenance fee, which was 27 percent higher than the same period last year because of the higher proportion of high-end products.

New supply is predicted to increase again in 2022, with 20,000-22,000 apartments expected to be launched. The figure is lower than previously planned because some projects have been delayed to 2023 and following years. The average primary selling price in Hanoi is expected to have a CAGR of 8-10 percent through 2024.

The Vietnam Association of Realtors (VAR) has predicted that housing product prices will increase by 10 percent in H2.

Do Thu Hang from Savills Hanoi said though supply is short and demand is high, weak liquidity still exists. This is happening with projects with high prices. 

The price-to-income ratio is the ratio between the price of a median home to that of the annual median family income, calculated by years of income. According to Numbeo, in 2022, the ratio in Vietnam is 20.5. The ratio is 20 years for Hanoi, or 2 years longer than last year but still lower than HCM City (33.5 years).

Duy Anh

MORE NEWS

Challenges ahead for Vietnam this year

“Pressure”, “increased difficulties” and “high risks and challenges”: these are the words used by the Minister of Planning and Investment to describe how hard it will be to fulfill Vietnam’s growth goals this year.

Some industries lack orders, others cannot take more

While woodwork companies are lacking new export orders amid high inflation in the US and Europe, food-processing companies are not receiving new orders because of rising input material prices.

Wholesale and retail sectors lead in new foreign investment approvals

The wholesale and retail industries took the lead in new foreign-invested projects in the January-September period, according to the Ministry of Planning and Investment.

Vietnam cracks down on IUU fishing ahead of EC inspectors’ visit

Deputy Prime Minister Le Van Thanh has ordered strengthening inspections to ward off illegal, unreported and unregulated (IUU) fishing as European Commission (EC) inspectors are coming to Vietnam in October.

Phuoc Thinh to represent Vietnam at Mister Tourism World 2022

Vietnamese model Phung Phuoc Thinh is set to compete for a title at Mister Tourism World 2022 due to take place in the Philippines this December.

Vietnam, Kazakhstan to open direct flights in October 2022

The Civil Aviation Committee of Kazakhstan has officially licensed Vietjet Air to launch direct flights between Vietnam and Kazakhstan.

Vietnam among seven economic wonders of worried world: Financial Times

A writing published by the London-based Financial Times on September 26 described Vietnam as one of the seven economic wonders of a worried world.

UNICEF vows to support Vietnam in response to Typhoon Noru

UNICEF Vietnam expressed its concern over children and families in the country vulnerable to Typhoon Noru, saying it stands ready to support the Government of Vietnam in responding to the most powerful storm to hit Vietnam in 20 years.

President Nguyen Xuan Phuc attends state funeral of late Japanese Prime Minister

Politburo member and President Nguyen Xuan Phuc led the Vietnamese delegation to attend the state funeral of late Japanese Prime Minister Abe Shinzo in Tokyo on September 27.

President meets foreign leaders attending state funeral of late Japanese PM

President Nguyen Xuan Phuc held bilateral meetings with some foreign leaders attending the state funeral of late Japanese Prime Minister Abe Shinzo in Tokyo on September 27.

Assistant Deputy PM prosecuted for allegedly taking bribes

Criminal proceedings were launched against Nguyen Quang Linh, Assistant Standing Deputy Prime Minister Pham Binh Minh, on September 27 for allegedly taking bribes in the scandal related to COVID-19 repatriation flights.

VIETNAM NEWS HEADLINES SEPTEMBER 27

Noru heads toward central Vietnam, rain starts to fall

Dortmund legends touch down in Vietnam ahead of charity match

A team of legends from German side Borussia Dortmund landed at Tan Son Nhat International Airport in Ho Chi Minh City on September 26 to prepare for a charity match against veteran and young Vietnamese footballers slated for September 28.

Vietnam disciplines senior officials for involvement in bribery case

The Party Central Committee’s Secretariat has decided to expel Deputy Foreign Minister To Anh Dung from the Party for violations he committed relating to the organization of repatriation flights for Vietnamese citizens abroad during the pandemic.

VIETNAM BUSINESS NEWS SEPTEMBER 27

Vietnam’s economy to expand 7.2% in 2022: WB
back_to_top