(TBTCO) - At a press conference on the highlights of the Hanoi real estate market for the third quarter held on October 8, representatives from CBRE Vietnam's Hanoi branch stated that in the past nine months, the total new supply of residential land in the Hanoi area has reached the highest level in five years. Nevertheless, prices continue to trend upward in both the primary and secondary markets.

The supply in the third quarter of 2024 comes from 11 projects, primarily developed in the large urban areas in the western and eastern parts of the city. Among these, five projects are being offered for sale for the first time, mainly focused in the districts of Nam Tu Liem, Tay Ho, Gia Lam, and Van Giang district (Hung Yen province, bordering Hanoi).

Despite the relatively large new supply, the market still recorded strong purchasing power, with over 8,000 apartments sold in the quarter. Although this number is down 20% compared to the previous quarter due to many projects being launched simultaneously in the second and third quarters, it is still double that of the same period last year. Projects in major urban areas in the East and West continue to attract interest, with a sales rate of over 90% during the first sale.

Regarding the market segment, CBRE reported that over 75% of new apartments belong to the high-end category, with an average selling price exceeding 60 million VND/m² (excluding VAT and maintenance fees).

Forecasts for the fourth quarter of 2024 indicate that the Hanoi market will welcome an additional 10,000 new apartments, bringing the total number of apartments available for sale in the year to nearly 30,000, almost three times that of 2023 and the highest level in five years. 

Thu Dung (compiled report)