A recent CBRE report revealed Hanoi recording one of the best quarters in the last three years, while HCMC’s market saw the worst during the period.
In Hanoi, the result was one of the most successful quarters in recent years in term of both unit launched and sold, thanks to the contribution of mega projects of Vinhomes.
Total supply reached 11,822 units, up 46% year-on-year. Notably, most of the units launched were from follow-on launches of mega projects such as Vinhomes Ocean Park (Gia Lam District) and Vinhomes Sportia (Nam Tu Liem District). An estimated 9,390 units were sold during the quarter, representing an increase of 36% year-on-year.
Meanwhile, Ho Chi Minh City’s condominium market was quiet in the first three months of 2019, with new launch dropping significantly due to the Tet break and continuously slow licensing process.
The bright spot is the absorbing inventories from previous launched projects, which was 1,500 units higher than new launch. The high-end and luxury segments accounted for 60% total supplies, with the sales opening of new projects like Centennial, The Marq, The Grand Manhattan, Palm Garden and One Verandah, among others.
As of results, the average selling price of primary market increased by 2.8% compared to the fourth quarter of 2018. The selling price of an unit reached to new high level, up to US$12,000 /sqm.
The level of new supply in Hanoi is expected to stay at around 30,000 units in 2019 – a relatively similar volume as seen during 2016 – 2018. The number mainly driven by the sale launches of mega projects of Vinhomes.
Similarly, new launch supply is expected to improve in the second half of the year. In total, new launch supply in 2019 is expected to reach 28,000 units. In the third quarter of 2019, there are some notable projects launching to market, including VinCity Grand Park (District 9) and Akari City (Binh Tan District). Hanoitimes