Hanoi and HCMC are seeing the growing demand for condominiums and sustainable office spaces. The industrial sector is expanding rapidly, driven by strong foreign investment activity and a focus on high-tech manufacturing. Strong sales, rising prices, and divergent supply The residential real estate markets in Vietnam’s two largest cities – HCMC and Hanoi – showed contrasting trends in new condominium supply in the first half of this year, according to recent reports. Data from CBRE indicated a significant surge in Hanoi’s market, with over 10,840 units, mostly in the city’s western areas, marking the highest level since 2020. This rise sparked a buying frenzy, with second-quarter sales surpassing the figure in all of 2023. Smaller, affordable units, particularly those suited for leasing, proved highly popular. Conversely, new condominium supply in HCMC remained limited, reaching only 40% of the levels recorded in the first half of last year. Despite the limited supply, strong demand persisted, with sales in the first half of 2023 achieving 80% of the previous year’s figure. Projects in locations close to the central business district (CBD) have been introduced to the city’s market under high-end and luxury segments. Hanoi’s average primary selling price for condominiums reached VND60 […]
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