HCMC – Mid-range condos accounted for 98% of the total supply in Hanoi’s housing market in the first half of 2024, said Michael Paul Piro, general director of Indochina Capital, at a press conference held on September 23.
The market recorded around 10,400 transactions in the past two quarters, soaring by 101% over the same period in 2023. This figure already surpassed total transactions for all of last year.
Piro said the recovery of the real estate market has been uneven across different segments, with the mid-range condo sector seeing the most substantial growth.
Demand remains high amid supply shortages. The total supply of primary condos in Hanoi reached 10,317 units, down by 20% from the previous quarter and 49% year-on-year. New supply was limited to 2,697 units, a decline of 34% from the prior quarter.
The average price of primary condos rose 10% quarter-on-quarter, reaching VND65 million per square meter, with the high-end segment seeing prices rise 11% to VND112 million per square meter.
Sales in April-June reached 5,085 units, down by 4% from the previous three months but up by a whopping 104% year-on-year. Mid-range condos continued to dominate sales, comprising 96% of total transactions.
Piro said that mid-range condos would continue to play a role in the market, with 13,460 units expected to come from eight new projects and two integrated urban developments in western Hanoi by the end of 2024.
