In the second half of 2024, Hanoi will have about 9,500 new apartments launched on the market.

The majority of this supply will be concentrated in the Western region, benefiting from its strategic location and established infrastructure.

According to market data from Cushman & Wakefield Vietnam, in the second quarter of 2024, new apartment sales in Hanoi reached about 7,400 units, up 110% over the previous quarter and up 147% over the same period last year.

The average primary price reached nearly USD 2,640/m2, up 11% QoQ and 30% YoY. The growth in new sales in the first half of 2024 is due to the scarcity of new supply in recent years.

Newly launched projects with transparent legal status, reputable investors, attractive sales policies and all-in-one utilities have recorded positive sales performance.

Most of these projects come from large integrated urban areas in the West of Hanoi. The increasing demand for apartments in Hanoi is driven by the increasing demand for housing along with the city's population growth and immigration. In addition, investment demand is gradually returning to the real estate channel in the context of economic instability.

Primary apartment prices continue to rise due to scarce supply. This price increase is also driven by mid-range and high-end supply accounting for 98% of new supply, while affordable apartment supply remains in short supply.

According to the Vietnam Association of Realtors ( VARS), transaction volume is expected to increase by about 20% compared to the first half of the year because supply is expected to only "bounce back" at the end of the year, still mainly contributed by the apartment type.

With the primary supply of apartments, mainly luxury apartments, increasing, the average price of apartments in projects with prices around 40 million VND/m2 will continue to increase, but at a slower rate, around 100-300 million VND/apartment.

Dong Anh and Gia Lam districts are expected to become districts by 2025, contributing to the expected supply from large integrated urban areas such as Vinhomes Co Loa, Vinhomes Ocean Park and BRG Smart City.

In the second half of 2024, the real estate market is expected to welcome approximately 9,500 new apartments. The majority of this supply will be concentrated in the Western region, benefiting from its strategic location and established infrastructure.

In addition, in the second half of 2024, supply is expected to continue to concentrate in integrated urban areas such as Vinhomes Ocean Park and Vinhomes Smart City.

From 2025, suburban districts, including Dong Anh, Gia Lam, Ha Dong, Hoai Duc, Hoang Mai, Long Bien and Thanh Tri, are expected to dominate future apartment supply thanks to infrastructure development and urban planning initiatives of the Government.

According to VARS, supported by many positive factors, while waiting for the new Laws to “absorb”, the real estate market will continue to recover sustainably with gradually improving results. By the end of the year, the recovery process of the real estate market will have clear progress.

Accordingly, on the basis of economic growth exceeding the set scenario, credit has escaped the "gloomy" situation, the loan interest rate level remains low, public investment disbursement continues to be promoted... When the laws take effect from August 1, 2024, the waiting mentality will be removed. Project development enterprises begin the race to untie the knot with state management agencies.

Meanwhile, investors are more confident in launching their products. Investors are more confident, promoting the cash flow due at banks to flow into real estate.

Source: https://baodautu.vn/batdongsan/nua-cuoi-nam-2024-ha-noi-co-khoang-9500-can-ho-moi-ra-mat-thi-truong-d221053.html