There is no shortage of new apartments in Hanoi, but the prices are too high. With 3 billion VND, I dare not dream of buying a house.

According to the reporter's research, newly opened apartments in Hanoi are priced at over 50 million VND/m2. Even projects in the suburbs have prices up to 57 - 60 million VND/m2.

According to CBRE, the supply of newly launched apartments in the second quarter of 2024 increased nearly four times compared to the previous quarter, exceeding 8,500 units. In the first 6 months of the year, the total number of newly launched apartments in the capital reached more than 10,840 units from 17 projects. This is also the highest number ever recorded since 2020.

“It is forecasted that from now until the end of 2024, the supply of apartments in Hanoi will continue to be more abundant with more than 10,800 new units for sale, bringing the total number of new units for sale in 2024 to exceed 21,000 units,” said CBRE's report.

Families with finances under 3 billion VND will find it difficult to own an apartment in Hanoi's inner city. Photo: QMS Top Tower

According to statistics from this unit, in the primary market, the average selling price of apartments in Hanoi is approximately 60 million VND/m2 (excluding VAT and maintenance fees). This figure has increased by 6.5% compared to the previous quarter and increased by nearly 25% year-on-year.

The above average price shows that most of the new projects are in the mid-range segment and above. According to the investigation of Dau Tu Newspaper reporters, buyers have some choices such as Lumi Hanoi (Nam Tu Liem district) with starting price from 79 million VND/m2. Imperia Sola Park (Nam Tu Liem district) also has price ranging from 67 million VND/m2 and above.

In addition, the primary market is also welcoming the Grand Sunlake project (Ha Dong district) with the price of apartments with long-term red books from 52 million VND/m2. In more distant locations such as The Wisteria (Hoai Duc district), the price is also up to 57 - 60 million VND/m2. With the "gold-plated glass" apartment QMS Top Tower (Nam Tu Liem district), the lowest priced apartment is anchored at 68 million VND/m2.

In addition, the Hanoi Melody Residence project (Hoang Mai district) is also rumored to have a selling price of 60 - 70 million VND/m2, if the investor is granted a construction permit this September. In the near future, the market will have another subdivision The Victoria (Nam Tu Liem district) in the Vinhomes Smart City urban area and the selling price will also be up to 70 - 75 million VND/m2.

With such prices, it will be very difficult for families with finances under 3 billion VND to own a new apartment in Hanoi, especially in the inner city. According to Savills, in the second quarter of 2024, the apartment market in Hanoi did not record any new projects priced under 45 million VND/m2.

Regarding social housing, in a meeting in July 2024, Mr. Duong Duc Tuan, Vice Chairman of Hanoi People's Committee, assessed that the implementation of social housing and worker housing projects is "still slow".

In 2024, Hanoi plans to complete about 10,000 social housing apartments in 7 projects. However, even if this target is achieved, the number of apartments above will only meet less than 20% of the housing needs of low-income workers.

According to the explanation of the Vice Chairman of the Hanoi People's Committee, the reason for the slow coverage of social housing comes from the fact that the land fund planning has not met the great needs of adults. The architectural planning indicators of this segment are very low compared to the scale of the project, due to the control of population size. Not only that, the incentive mechanisms and policies have not attracted businesses and people to participate. The procedure for selecting investors by bidding takes a lot of time...

Source: https://baodautu.vn/batdongsan/chung-cu-moi-tai-ha-noi-khong-thieu-nhung-gia-qua-cao-3-ty-dong-khong-dam-mo-mua-nha-d222556.html