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Saturday, June 15, 2024

Housing prices pick up in HCMC, Hanoi – report

The Saigon Times

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HCMC – Housing prices in HCMC and Hanoi continued to inch up in the fourth quarter of last year, according to the Savills Property Prices Index report released on April 2.

In Hanoi, the housing price index reached 134.9 points, increasing by 30% versus the third quarter of 2019. Contributing factors to this surge included a constrained primary supply, robust market demand, ongoing infrastructure development, and enhancements in quality.

During the fourth quarter of last year, absorption rates surged by 15 percentage points compared to the previous quarter and by 12 percentage points year-on-year. New supply represented 43% of the market share, with a commendable absorption rate of 46%, particularly notable in suburban areas.

The anticipated recovery in housing demand is expected to be bolstered by consumer confidence and recent legislative reforms.

In HCMC, the housing price index increased by two points to 126 points. While secondary property prices stabilized in 12 districts, they saw an uptick in four districts.

Secondary property prices in HCMC reverted to 2020 levels, averaging VND69 million per square meter of net sellable area.

New listings dominated sales during the quarter, comprising 78% of all units sold. These new properties demonstrated a robust absorption rate of 84%. However, existing inventory encountered challenges, with only a modest absorption rate of 14%.

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