(Dan Tri) - Experts say that for the first time in 10 years, apartment prices in Hanoi have suddenly increased very quickly, higher than in Ho Chi Minh City.
According to data from a market research unit, the level of interest in real estate for sale and rent this year has recovered compared to 2023 and increased in the middle of the year. Mr. Dinh Minh Tuan - Southern Regional Director of Batdongsan.com.vn - said that the average real estate selling price in Hanoi has increased significantly in most segments.
For private houses, the selling price in Hanoi in November this year reached 197 million VND/m2, an increase of 58% compared to January 2023. The average selling price of private houses in Ho Chi Minh City was 108 million VND/m2, a decrease of 10% compared to January 2023. For land, in November, the average selling price was 70 million VND/m2 and in Ho Chi Minh City it was 57 million VND/m2.
In November, the selling price of apartments in Hanoi reached 61 million VND/m2, surpassing that of Ho Chi Minh City (55 million VND/m2). "For the first time in nearly 10 years, the Hanoi apartment market has begun to surpass the Ho Chi Minh City market. Normally, the Hanoi apartment market is always about 30% lower than Ho Chi Minh City. By May this year, Hanoi apartment prices suddenly surpassed and surpassed very quickly, increasing by more than 20% compared to Ho Chi Minh City," Mr. Tuan shared.
An apartment building in Hanoi (Photo: Duong Tam).
Mr. Dinh Minh Tuan said that money is showing signs of finding opportunities to "flow" to the South after a period of being mainly concentrated in Hanoi.
According to data, the number of Hanoians searching for real estate in Ho Chi Minh City in November increased by 7% compared to January this year. In contrast, the number of Ho Chi Minh City people searching for real estate in Hanoi decreased by 12% in the same period. The survey by the above market research unit also showed that 66% of Hanoians were interested in real estate in the South.
Although the potential of the Southern market is highly appreciated, Mr. Dinh Minh Tuan commented that legal issues are still a major obstacle and investors and buyers need to consider carefully.
Assessing the apartment segment, Ms. Nguyen Hoai An - Senior Director of CBRE Hanoi branch said: "This is almost the first time that Hanoi apartments have increased in price so quickly in such a short time."
This expert said that historical analysis shows that over the past 10 years, apartment prices in Hanoi have increased by an average of 5% per year. Even in the period 2009-2019, apartment prices fluctuated little, there were periods of price reduction and an average increase of only 2% per year. From 2022 until now, apartment prices in this city have just begun to increase rapidly.
Explaining the phenomenon of Hanoi apartment prices increasing rapidly in a short period of time, she said that this is the result of many factors converging at the same time. Accordingly, for a long time before 2019, Hanoians did not really like living in apartments. They still preferred houses attached to land to ensure privacy and independence.
However, in the past 5-6 years, the apartment model has become more familiar with the appearance of many large projects with urban areas with complete ecosystems, populations as well as construction quality. This has caused the real estate consumption habits of Hanoians to begin to change.
Another reason is that in the past, the Hanoi apartment real estate market did not have diverse participation of investors, most of whom were domestic enterprises. Therefore, the market did not have many product segments and had low competition.
In recent years, many foreign investors as well as large enterprises with potential have entered the market. The diversity of products along with changes in consumer tastes has made the market more competitive and developed in a short time.
In addition, this person pointed out a number of other reasons such as Hanoi's infrastructure advantages, stable macroeconomic context, low interest rates, the development of Hanoi's real estate market...
Source: https://dantri.com.vn/bat-dong-san/chung-cu-tai-ha-noi-co-dien-bien-bat-ngo-lan-dau-tien-sau-10-nam-20241206062108779.htm
Comment (0)