(CLO) If in the period 2019 - 2021, real estate in Ho Chi Minh City, including the apartment, villa, townhouse segment,... increased in price somewhat more than the Hanoi market, currently, the rate of increase in housing prices in this area has somewhat slowed down.
"Strange" trend of real estate in Ho Chi Minh City: Prices of villas and townhouses suddenly decrease
Since 2018, the supply of housing from apartment projects and urban areas has been decreasing, causing housing prices in large cities such as Hanoi and Ho Chi Minh City to continuously "break the peak", with prices this month higher than last month, and this quarter setting a record compared to the previous quarter.
If in the period 2019 - 2021, real estate in Ho Chi Minh City, including the apartment, villa, townhouse segment,... increased in price somewhat more than the Hanoi market, currently, the rate of increase in housing prices in this area has somewhat slowed down.
The latest report from the Ministry of Construction shows that in the third quarter of 2024, housing prices in Hanoi and Ho Chi Minh City will continue to increase. However, there are differences between segments.
Apartment segment, price level in Hanoi and Ho Chi Minh City continues to increase. However, apartment segment in Hanoi has a higher growth rate, price level continues to "break the peak" in both old and new projects, increasing by about 4% - 6% compared to the previous quarter, equivalent to an increase of 22% - 25% compared to the same period last year.
In the period 2019 - 2021, housing prices in Ho Chi Minh City, including the apartment, villa, townhouse segment,... increased somewhat more than the Hanoi real estate market. (Photo: ST)
For the villa and townhouse segment in the project, in Hanoi, the selling price of villas and townhouses in the project tends to continue to increase compared to the previous quarter. Most of the newly opened projects in this quarter have favorable locations, located in areas with strong investment in infrastructure, so the primary offering price is relatively high.
The average secondary selling price of land-attached housing in Hanoi in the third quarter of 2024 reached about VND 160 million/m2, up 3% quarter-on-quarter and nearly 7% year-on-year.
Some projects in areas such as Dong Anh and Long Bien had higher secondary price increases (about 5%) quarter-on-quarter, thanks to infrastructure development and products of new projects gradually being completed.
Meanwhile, in Ho Chi Minh City, the average primary price of villas and townhouses in the project is almost stable and there are some areas where prices have decreased sharply in the high-end, large-area segment, down about 14% quarterly and 28% annually.
Similarly, the secondary prices of some projects in Ho Chi Minh City fluctuated down by about 3% to 4%. Specifically, An Phu An Khanh District 2 decreased by about 4.3% to 265.6 million VND/m2, Q7 Saigon Riverside decreased by about 4.1% to 79.2 million VND/m2, Sim City decreased by about 4.4% to 62.5 million VND/m2,...
Different market "tastes"
Some opinions say that the housing market in Ho Chi Minh City has almost reached its "peak" in price, while speculation in Hanoi is on the rise.
Talking to reporters of the Journalist and Public Opinion Newspaper, Mr. Nguyen Trung Tuan, a real estate expert, said: The real estate market in Hanoi in particular and the North in general favors investment "taste", while the Southern market tends to buy houses for personal use rather than for investment.
There are also some investors from the North who previously moved to the South, but because real estate prices in this area have increased to their maximum, they have returned to markets with lower prices.
At the recent workshop “Cash flow into Southern real estate”, Associate Professor, Dr. Tran Kim Chung, former Deputy Director of the Central Institute for Economic Management, said: The real estate market in Ho Chi Minh City is the largest market in the country, in terms of scale, subjects, and location. This area is considered the “soul” of the Vietnamese real estate market.
“I think the market in Ho Chi Minh City and its surrounding areas is more market-oriented, while the market in Hanoi is somewhat more hopeful,” said Mr. Chung.
Meanwhile, Mr. Nguyen Van Dinh, Chairman of the Vietnam Real Estate Brokers Association, said that there are almost no differences in the two markets in terms of trading activities, institutions, planning, and demand. However, in the Hanoi market, in addition to housing demand, investment demand is also very large, and the investment nature of the Hanoi market is quite strong. In Ho Chi Minh City and its surrounding areas, housing demand is more dominant.
Source: https://www.congluan.vn/xu-huong-la-cua-bat-dong-san-nha-o-tp-hcm-phai-chang-da-cham-dinh-post319499.html
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