HCMC – Condo prices in Hanoi City and HCMC surged to their highest levels in nearly a decade in the second quarter of this year, driven by tight land supply, rising input costs, and paperwork delays, according to the Ministry of Construction.
Prices in Hanoi averaged VND80 million per square meter, up 5.6% from the previous quarter, while HCMC prices remained unchanged at VND89 million.
Nationwide, property transactions reached 157,021, rocketing 116.6% quarter-on-quarter. These included 34,461 units of condos and houses, and 122,560 land plots.
Fifty-eight new housing projects were licensed, with 16,627 units or lots. Another 157 projects were eligible for sale, and 1,517 were under development.
Social housing supply increased. Sixteen new projects added 9,544 units and 32 projects were completed with 26,528 units. Vietnam has completed 59.6% of its housing target with 692 projects and over 633,000 units.
Property inventories rose slightly in the quarter to more than 25,000 units, led by a 140.5% increase in condo stockpiles.
Land prices edged up 3-5% in some areas following news of provincial mergers. Transactions were active in Me Linh (Hanoi City), Binh Chanh (HCMC), Danang City, and Haiphong City.
Outstanding real estate credit had reached VND1.64 quadrillion as of May 31, up 36% year-on-year. Most lending supported residential, commercial, industrial, and tourism-related projects.
The corporate bond market recovered with 65 issuances valued at VND87 trillion. Major issuers included Vingroup and AAC Vietnam.
Foreign investment in real estate reached US$5.17 billion in the first half, more than double the same period last year. Industrial and satellite city projects accounted for most of the inflows.
