Apartment prices increased sharply in the first two months of the year
According to the latest data from Batdongsan.com.vn, the average selling price of apartments in Hanoi in the first two months of this year increased by 17% compared to the same period in 2023.
According to the latest data from Batdongsan.com.vn, the average selling price of apartments in Hanoi in the first two months of this year increased by 17% compared to the same period in 2023.
In fact, many buyers, sellers and real estate brokers also commented that Hanoi apartment prices are “escalating”. Many projects have seen price increases of over 20% after only 1 year.
Listed among apartment projects that saw a sharp increase in selling prices in Hanoi, Royal City, The Pride, My Dinh Song Da Urban Area - Sudico, Sun Grand City had prices increase by 33%, Mipec Rubik 360 and Vinhomes West Point increased by 28%, Dai Thanh Apartment increased by 27%, Seasons Avenue increased by 26%, according to Batdongsan.com.vn's Price History data.
Mr. Nguyen Quoc Anh, Deputy General Director of Batdongsan.com.vn, said that Hanoi apartments have not yet “crazy prices”, this price increase is partly reflecting the supply-demand relationship. In Hanoi, the supply is not enough to meet the demand, leading to the phenomenon of prices still going up.
Meanwhile, in Ho Chi Minh City, apartment prices also tend to increase, but the increase is only about 4% compared to the same period in 2023.
The apartment market in Ho Chi Minh City has witnessed many adjustments in recent years, causing the price level to remain high, so the general price of Ho Chi Minh City in the coming time will remain stable or not fluctuate too much.
In Hanoi, Mr. Nguyen Quoc Anh predicts that apartment prices may continue to increase if demand exceeds the old peak.
The number of searches for apartments in Hanoi increased significantly from the second quarter of 2023, peaking in August 2023. After that, the number of people selling apartments increased, causing demand to decrease. However, in December 2023, the demand for apartments increased sharply again. By February 2024, it had almost returned to the peak of August 2023.
Mr. Nguyen Quoc Anh recommends that investors and real estate buyers and sellers need to spend more time observing market developments in the upcoming period, when demand is about to reach the resistance point.
He said: "If the level of interest in apartments in the coming months exceeds the peak of August 2023, it could lead to continued price increases. However, if demand cools down, apartment prices will be adjusted."
In addition to apartments, many other types of real estate also witnessed increased demand in early 2024 compared to the same period last year. Specifically, searches for private houses increased by 27%, townhouses increased by 15%, villas increased by 12%, and land increased by 9%, according to data from Batdongsan.com.vn.
What is the scenario for the real estate market in the coming time?
According to the first quarter 2024 report of Batdongsan.com.vn with the theme "Start-up", it will provide 3 useful contents, aiming to support businesses and individuals doing business, buying and selling real estate with an overview, updated information about the market to make more confident decisions.
Interest in real estate in the first two months of 2024 compared to the same period in 2023.
First, the report summarizes the macroeconomic situation and growth drivers for the real estate market.
Second, experts will update the supply-demand, selling/rental prices, and investment yields of prominent real estate types based on Batdongsan.com.vn's big data, thereby making appropriate forecasts and recommendations for investors and buyers.
Third, Batdongsan.com.vn analyzes how changes in the Law will impact the market, investors, businesses and real estate consumers.
In particular, Mr. Le Bao Long, Strategy Director of Batdongsan.com.vn, commented that with these changes, the market is expected to have widespread growth in prices of many types of real estate, in quantity and quality of new projects.
Project development standards and capacity of investors will also be improved because there are many regulations tightening conditions for investors.
Besides, the rights of real estate consumers will be more guaranteed.
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