28 C
Ho Chi Minh City
Sunday, July 14, 2024

Hanoi, HCMC housing markets diverge in H1

The Saigon Times

Must read

HCMC – Vietnam’s residential real estate market saw contrasting trends in the first half of this year, with Hanoi witnessing a surge in new condominium supply and sales, while HCMC displayed subdued activity, according to a report by CBRE.

In Hanoi, new condominium supply in the second quarter quadrupled compared to the previous quarter, reaching 8,500 units. The total new supply in the first half of the year exceeded 10,840 units, the highest since 2020.

In contrast, HCMC saw only 1,200 new units launched in Q2, mostly from existing projects. The total new supply in the first half of the year was less than half of that in the same period in 2023.

Hanoi’s strong supply was met with robust demand, with January-June sold units surpassing the full-year sales figures in 2023. HCMC’s limited supply translated to lower sales figures, but projects with new launches still achieved positive sales rates.

Average primary selling prices in Hanoi rose by 6.5% quarter-on-quarter and nearly 25% year-on-year, approaching those in HCMC. The southern metropolis saw a slight increase in primary selling prices, driven by new high-end and luxury launches in prime locations close to its central business district.

CBRE forecast that Hanoi’s new condominium supply will continue to increase in the second half of this year while HCMC’s supply is expected to remain limited. Both markets are anticipated to see further price increases, although the growth momentum in Hanoi may slow down.

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest articles