Rapid recovery

The trend of real estate investment continues to prove its role as the “king channel” when the market witnessed a strong price increase in the first quarter of 2024. This increase contributed to establishing a new price level, bringing the average price of apartments to 59 million VND/m2.

Trading demand increased sharply

The "apartment fever" along with low savings interest rates also contributed to the trend of converting housing from apartments to low-rise houses and houses in car alleys.

According to CBRE, the selling price of secondary apartments in Hanoi in the first quarter of 2024 also recorded an annual price increase of up to 17% - the highest ever. This increase occurred in most districts in Hanoi, especially in the West. According to some real estate brokerage offices, the number of transactions of large-value real estate has also been more active since the Lunar New Year, especially in the areas of Ha Dong, Nam Tu Liem, Cau Giay, Tay Ho.

A real estate broker recently shared that he had just successfully closed a townhouse in Nam Tu Liem district. This house had been on sale for 5 years but customers complained that it was too expensive. However, from the period close to Lunar New Year, the number of people coming to see the house increased dramatically. This house was successfully traded in early April 2024. Although the price did not increase, the quick sale was still very surprising, because brokers classified this house as "difficult to sell".

The market in the West of Hanoi is continuing to recover rapidly.

Similarly, a broker specializing in the villa segment in the western area of ​​Hanoi also shared that he had just successfully closed a villa at the Solasta Mansion project.

According to him, the number of customers interested in villas at the Solasta Mansion project (Duong Noi New Urban Area) has also increased sharply since the Lunar New Year. The selling price on the primary market of this project is about 150 million VND/m2. If we deduct the policies that the investor is applying such as an 11% discount for customers paying according to progress, interest support for up to 36 months or lucky draw prizes for overseas travel, Mercedes Benz cars, the current ceiling price of Solasta Mansion Villa is at a softer level of about 140 million VND/m2. This price is considered attractive in an area with a young population and developed infrastructure, especially for a project located right at the gate of Ha Dong area - West of Hanoi.

“Starting from the end of January, especially from around March, the number of villas successfully sold in this project increased sharply and the transaction speed also took place very quickly” - This broker said - “partly because the selling price in this project has not increased compared to the time before Tet, partly because the number of units sold is not large, while the location and infrastructure are very beautiful”.

Solasta Mansion project - Duong Noi new urban area witnessed bustling transactions.

Expect a new price increase in the low-rise housing segment

Some investors expect the price of low-rise real estate in projects in the West of Hanoi to continue to increase sharply because the current price is still reasonable compared to 2023. Meanwhile, the supply of new townhouses and villas in this area is relatively limited.

According to analysis based on big data of batdongsan.com.vn released at the end of the third quarter of 2023, the average price increase in the 5-year cycle (2018-2022), the real estate selling price in Ha Dong area witnessed an average increase in villa prices of 20.1%/year - the price increase ranked second only to the land segment with 25%/year. The average villa price recorded in 2023 reached 149 million VND/m2.

Decoding the “land fever” in the western part of Hanoi, the reason is partly because the population in this area is quite young and there are many companies and offices. In addition, the western area benefits from synchronous infrastructure. Recently, the Astronomy Park - the largest theme park in Southeast Asia has also been put into operation, contributing to the completion of the area's facilities.

In particular, a series of positive signals about infrastructure promote the recovery of the real estate market in the West, helping this area have a strong transportation network connecting with Hanoi's inner city and moving to neighboring provinces and cities, the country's main roads.

Bright potential for low-rise real estate in the West of the capital.

In addition to main routes such as Nguyen Trai, To Huu, Cat Linh - Ha Dong railway, BRT Bus, the extended Le Quang Dao route is expected to open to traffic in the third quarter of 2024, and the Ring Road 3.5 is being urgently deployed as a connecting route between Ring Road 3 and Ring Road 4, which will play an important role in connecting the West with the North of Hanoi.

In particular, the Ring Road 4 of the Capital Region is expected to be put into use in 2026 - 2027, contributing to connecting provinces and creating new development space for the entire Capital Region, including Hanoi, Hung Yen and Bac Ninh.

According to a veteran investor, “the emergence of these arterial roads will create the potential for rapid value increase for Ha Dong real estate, encouraging home buyers and investors to move out of the center to seek new opportunities, with cheaper prices, high potential for price increase but still ensuring convenience in traffic connection, infrastructure, and utilities”.

Source: https://baodautu.vn/batdongsan/bat-dong-san-tay-ha-noi-da-phuc-hoi-nhanh-chong-d215948.html