(Dan Tri) - Experts believe that in the coming time, the increase in apartment prices in Hanoi will slow down, the market will tend to be more stable, and there will no longer be a fever like in the past.
According to data from a research unit, as of the fourth quarter of 2024, the selling price of apartments in Hanoi reached 72 million VND/m2 (excluding VAT). In the past year, the primary selling price recorded a sharp increase of 36% over the same period, the highest increase recorded in the past 8 years in the Hanoi apartment market.
Over the past year, not only the price of primary apartments but also those used for decades have increased sharply. Recently, Hanoi announced a new land price list, 2 to 6 times higher than the old land price frame. Many people expect that this will cause real estate prices in the capital to continue to increase in 2025, especially in the apartment segment.
Assessing the impact of the land price list on Hanoi real estate, Ms. Nguyen Thi Hong Van - Deputy Director of Valuation and Financial Consulting Department of Savills Hanoi - said that the policy of removing the land price frame and adjusting the land price list according to the market was announced at the beginning of the year and has only now been officially applied. Regarding the impact on real estate prices, this policy will contribute to price stabilization.
Real estate prices in Hanoi are still growing mechanically due to natural factors such as demand, improved income, population growth, and urbanization. However, a sudden increase in the near future is unlikely.
An apartment building in Hanoi (Photo: Duong Tam).
According to her, the reason for the previous increase in Hanoi real estate prices was mainly due to speculative buying and selling activities. These subjects now have to consider more carefully when participating in the market, when the increase in real estate prices must be higher than the cost of capital, the cost of using financial leverage as well as the cost of income tax from real estate transfers calculated on the new land price list closer to the market.
Sharing the same view, Associate Professor Dr. Dinh Trong Thinh - economic expert - said that in 2024, the Hanoi apartment segment witnessed a very rapid price increase. Apartment prices increased to more than 70 million VND/m2 by the end of the third quarter of 2024, the market no longer had projects priced below 60 million VND/m2, many mid-range projects were pushed up to 100 million VND/m2.
Apartment prices are increasing in both the primary and secondary markets, even old projects are no exception. During hot times, prices increase daily and weekly. It is worth noting that despite the high prices, there are still buyers.
According to Mr. Thinh, in the coming time, the increase in apartment prices will slow down, the market will tend to be more stable, no longer feverish like in the past. Accordingly, the cash flow of buyers will tend to shift from areas with high prices to look for areas and projects with more competitive prices and more room for growth.
To reduce housing prices in Hanoi, Mr. Nguyen Van Dinh - Chairman of the Vietnam Association of Realtors (VARS) - said that efforts should be made to speed up the progress of social housing projects. At the same time, authorities should proactively regulate supply by effectively using planning tools, adjusting planning, and allocating additional clean land funds to help investors implement social housing projects as soon as planning is established.
In the long term, to stabilize the price of apartments in particular and housing products in general, there needs to be strong participation from the State. In particular, it is necessary to continue promoting the development of transport infrastructure, shortening the travel time from satellite areas to the city center, and the supply from the suburbs will reduce housing prices.
Source: https://dantri.com.vn/bat-dong-san/chung-cu-ha-noi-tiep-tuc-tang-gia-trong-nam-nay-20250109014027079.htm
Comment (0)