According to OneHousing's report, the residential real estate market is quite active, with the number of transactions in the Ghost month (7th lunar month) reaching 3,300, only slightly down from previous months. This is contrary to the general situation of the "falling point" of the market, which is usually in the Ghost month every year.
Mr. Tran Duc Khang, Sales Director of Region 2 at OneHousing, commented: One of the reasons is that people's consumption concept has also changed. Previously, "In the Ghost Month, there was no buying or selling, no big things to do", but now there is a view that the Ghost Month is the Vu Lan month to show filial piety, many people want to own a house, a big asset.
Hanoi's residential land prices continue to increase steadily and stably. (Photo: VNBiz)
Second, this year's Ngau month coincides with the time when the Real Estate Law comes into effect, new regulations on transfers, land price frameworks according to market prices, regulations on restricting land division, land title separation... partly affect customers' psychology that land prices may increase in the near future, so customers make decisions faster.
“In addition, land auctions in the suburbs also took place in the seventh lunar month, leading to a lot of information about price increases, which also had a significant impact on buyers' psychology,” said Mr. Khang.
Regarding the residential housing segment, Mr. Khang said that this segment still has steady and stable price increases.
In fact, in recent months, it has been very difficult to find a house worth around 3-4 billion VND in the inner city of Hanoi. For a house in a moderate alley, where motorbikes can pass each other, with adequate living space, an area of 30m2, 2-3 bedrooms, if calculating the land price alone, it would be around 100 million VND/m2, plus construction costs, the transaction price would be over 4 billion VND.
Therefore, houses around 3-4 billion, if any, either have feng shui errors (narrow back, dead road); the house is on old land, the owner only wants to sell the land; or the alley is very deep, the alley leading to the house is small...
In the suburbs, houses in alleys are being traded at around 70-80 million VND/m2, even corner lots and nice lots are priced at over 100 million VND/m2.
In terms of region, the East and West are the focus of the Hanoi real estate market. Not only is the apartment segment bustling, residential land transactions in the East and West account for 66% of the Hanoi market in the first 6 months of 2024.
In August, the Western area (Cau Giay, Nam Tu Liem, Bac Tu Liem, Ha Dong) led the market with about 1,200 transactions (accounting for 36% of the market share), followed by the area (Gia Lam, Long Bien) with about 1,100 transactions (33% of the market share).
The reason why the West area is bustling with residential transactions is because it attracts a workforce and jobs almost equivalent to those in inner-city districts, causing many people to choose to buy houses here for convenience in commuting to work.
Meanwhile, the East is increasingly chosen thanks to its developed infrastructure and better living conditions.
According to forecasts from the OneHousing Center for Market Research and Customer Insights, in the last 6 months of 2024, the residential market is expected to record about 23,000 transactions, still mainly concentrated in the East and West regions.
Recently, there has been a lot of conflicting information on the increase in real estate prices. However, we still have to accept the fact that supply is lower than demand, so the transaction price also partly reflects the market situation. Customers with money are still looking for opportunities to invest in real estate because they are afraid that the market will set a new peak.
“According to the general situation of the residential housing market, prices have also increased somewhat, but there is no sign of a sharp increase in a few months, but rather a more steady and stable increase. With residential housing, stopping purchases does not affect the homeowner's ability to reduce prices, the homeowner only reduces prices when they are in dire need of money to invest in something else,” Mr. Khang emphasized.
Source: https://www.congluan.vn/nha-tho-cu-ha-noi-tang-gia-deu-dan-va-on-dinh-post312030.html
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