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- Update: Apartment purchase price in Hanoi market
Update: Apartment purchase price in Hanoi market
In the first quarter of the year, the supply of Hanoi apartments market recorded positive activity with 3,260 units launched for sale, up 7.3% compared to Quarter I of last year. The quarterly increase sends a positive signal for sources to continue on the recovery momentum after the country begins to normalize with the pandemic. The first field segment grants the segment when up to 75% of the power supply is used.
Hanoi: Both demand and primary selling price increase year by year
The improvement in supply and the fear of escalating house prices boost the demand for apartments, especially for genuine buyers. In the first quarter of 2022, the number of flats sold in Hanoi reached 4,391 units, up 31.7% QoQ. In particular, the mid-end apartment market used up 74.6% of sold-out apartments, concentrated in large-scale projects such as Vinhome Ocean Park (Gia Lam) or Vinhomes Smart City (Nam Tu Liem).
Good demand is not limited to districts with good market centers, thanks to big projects like Gia Lam and Nam Tu Liem. Some suburban communities like Hoai Duc and Thanh Tri also have reasonable sales rates in the quarter, thanks to projects suitable to customers' needs in the scarcity of affordable supplies and increasing selling prices. Nam - Bac Tu Liem, Gia Lam, and Hoang Mai district with the prospect of capturing 81% of the market share as the new land fund in the inner city is gradually becoming limited.
The price of apartments in Hanoi increased sharply year by year.
The selling price on the primary market in the first quarter of 2022 averaged USD 1,655/m2 (excluding VAT and maintenance fees), up 13% YoY and 4% QoQ. The mid-end segment recorded the most substantial increase at 16% due to the upgrading of the positioning of urban projects. Meanwhile, the average price of the high-end part decreased by 3% YoY due to a higher proportion of projects located in the new housing area in the current supply.
Tay Ho district recorded a new high price when a luxury project in a prime location opened for sale this quarter. On the secondary market, the average selling price was $1,278/m2, an increase of 9% YoY – the highest increase in the past five years due to limited supply, especially in areas located in the region - Ring Road 3. High-end projects in central districts such as Hai Ba Trung, Ba Dinh, Dong Da, and Tay Ho recorded price increases higher than the market average, at 10% or more YoY.
It can be seen that price is always the leading factor attracting investors and buyers in non-central cities. The attraction of the apartment market in the western areas of Hanoi, Dong Anh, and Long Bien is huge. These places are forecasted to become new administrative centers when the inner city is already overloaded.
Infrastructure is gradually improving
Currently, Hanoi is creating Ring Road 3, urban railway No. 3, which can be considered the driving force behind the real estate market expansion in Hanoi's west area, adding to the market's trend of urban mobility from the city center to the suburbs.
Besides, the plan to operate metro lines will contribute to perfecting the capital's traffic network. In the future, moving between the periphery and the inner city will be more convenient and faster thanks to the complete and synchronous infrastructure. This is one of the factors attracting investors and buyers to move back to projects far from the center.
Below, VIProperty would like to update the primary - secondary selling price list of projects in Hanoi apartment market:
Rose Town - An attractive project in Hanoi market
The Rose Town project has recently attracted a lot of attention from investors because of its potential to increase prices soon, along with good returns on rental investment. Located at 79 Ngoc Hoi Street, Hoang Mai district, Hanoi city; right at the gateway area of the south of the capital, easily connecting to the city center or going out to the provinces such as Ha Nam, Hung Yen, Ninh Binh,... through key traffic routes such as the Belt No.3, Ngoc Hoi, Giai Phong, Phap Van - Cau Giay,...
Project name: Rose Town
Investor: Xuan Mai Corp Joint Venture
Project location: 79 Ngoc Hoi Street, Hoang Liet Ward, Hoang Mai District, Hanoi
Total area: 40,124m2
Construction area: 11,797m2
Building density: 30%
Type of development: Apartments, townhouses, offices for rent, and hotels
Project scale: 4 apartment buildings (DV1-DV2-DV3-DV4) with 27 floors, one hotel building (DV5) with 27 feet, one office building with 25 feet, and 43 lots of high-class villas.
Design unit: Xuan Mai Design Consulting Joint Stock Company
Construction unit: Xuan Mai Corp
Bank guarantee: BIDV - Joint Stock Commercial Bank for Investment and Development of Vietnam
Purpose of use: Long-term (permanent)
Take a closer look at some key selling points of Rose Town apartments:
Take a closer look at some key selling points of Rose Town apartments:
- A prime location in the city center, an important trade route of the southern region. The flexible transportation system and modern infrastructure bring significant convenience to life.
- Smart apartment design, modern but friendly; close to nature and environment.
- A chain of international standard high-class utility services with many engaging, new and practical experiences, giving customers moments to enjoy life.
- The apartment price is very affordable, only ranging from 28-32 million VND
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