Mr. Nguyen Van Dinh - Chairman of the Vietnam Association of Realtors (VARS) informed that in 2023, the total supply of new apartments in Hanoi will reach approximately 11,000 products, equal to 66% compared to 2022 and the downward trend will continue in the first quarter of 2024, when the entire market will only record about 3,000 newly opened apartments. Thus, from now until 2025, Hanoi will lack about 50,000 apartments.
Apartment projects in Hanoi have increased in price sharply recently.
The inevitable consequence of this scarcity has led to a prolonged price "fever" in the Hanoi apartment market. A recent report by CBRE said that 56 million VND/m2 is the average price for a new apartment in Hanoi as of the first quarter of 2024, an increase of 19% over the same period last year. However, in reality, the increase is much higher, approximately 70 million VND/m2.
According to brokers, due to the lack of new project supply in the secondary market, branded projects have increased sharply in the first months of 2024. For example: Royal City, The Pride, My Dinh Song Da Urban Area - Sudico, Sun Grand City increased by about 33%; Mipec Rubik 360, Vinhomes West Point increased by 28%; Dai Thanh Apartment increased by 27%; Seasons Avenue increased by 26%,...
In fact, if in the past, with 4 - 5 billion VND, buyers could own an apartment of 70 - 80 m2 in the inner city, now, with this amount of money, buying a satisfactory apartment outside the center is not simple, so customers just wait for a project to be launched and then close the deal immediately.
Mr. Nguyen Thac Cuong - Deputy General Director of Mai Viet Real Estate Joint Stock Company said that most people who intend to buy a house at this time pay very quickly when they find a suitable product, instead of spending a lot of time considering and waiting for the price to decrease further like in the previous period.
Perspective of The Sola Park subdivision of Imperia Smart City project developed by MIK Group, one of the projects preparing to launch on the market in the near future.
Consulting customers, this brokerage firm believes that if they have a large enough accumulated financial amount and a stable source of income, buyers should consider taking out a home loan now, when the lending interest rate has dropped and investors are applying many preferential sales policies.
“In the future, when the real estate market truly recovers, inner-city housing prices will certainly increase and at that time, buyers can only move to areas near Hanoi to get lower prices,” said Mr. Cuong.
Mr. Nguyen Quoc Hiep - Chairman of the Board of Directors of Global Real Estate Joint Stock Company (GP-Invest) also said that at the present stage, everyone considers low interest rates and economic recovery as two key points, from which purchasing power will also increase. However, the core issue of the market is whether there is goods or not, so the current dominant issue lies in supply, while demand is still very high and increasing day by day.
According to Mr. Hiep, apartment prices are constantly climbing but demand is still very high, people are "red-eyed" waiting for projects to launch. However, the difficulty here is that there are too few new projects launching at this stage, making housing prices even hotter. That is also the reason why investors who are launching or are about to launch projects will have a big advantage.
For example, the Imperia Smart City project phase 2 - The Sola Park developed by MIK Group is becoming the focus of the real estate market in the West of Hanoi when this project plans to launch more than 4,000 luxury apartments with reasonable designs from 42m2 to 76m2.
In particular, with a prime location right at the gateway to the Smart Metropolis in the West of Hanoi, available infrastructure, well-planned traffic and expected competitive prices, many experts and real estate brokers believe that The Sola Park will be a factor to help quench the "thirst" of the real estate market in 2024.
Source: https://www.congluan.vn/nguon-cung-thieu-tram-trong-nguoi-mua-nong-long-cho-du-an-bung-hang-post296345.html
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