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Condominium prices creep up in Hanoi

Released at: 14:07, 09/04/2015

Condominium prices creep up in Hanoi

Developments in or around the inner-city are seeing a steady rise in value.

by Thu Hoang

Some projects in Hanoi have recorded an increase in sale prices as the market continued its recovery at pace. For example, the developer of FLC Complex on 36 Pham Hung Street initially announced a price of VND27.5million – VND28.5 million ($1,270-$1,320) per square metre. However, at the secondary market, apartment pricing has been pushed up to VND30-30.5 million ($1,389-$1,410) per s/m, a 15 per cent increase.

At CT2B Nghia Do, apartment prices offered by distributor Dat Xanh Mien Bac of VND25 million per s/m ($1,157) (including VAT) have risen to VND27-28 million ($1,250-$1,296) per s/m. Helios Tower developed by NHS Group previously published selling prices of VND1.4 billion ($64,820) per unit but has now increased the price to VND1.5 billion ($69,450) per unit.

According to the latest CBRE quarterly report, despite a long Tet break, sales transactions remained strong during the first quarter.  An estimated 3,079 units were snapped up over this period, doubling its equivalent in 2014.  It is noted that the share of transactions for high-end apartments increased to 26 per cent of total sales, as compared to 14 per cent in the previous quarter.  The mid-range bracket remained the highest share of total units sold, while in the low-end there was a bit of a dip.

“Some projects in good locations near the city centre have increased their prices,” said Ms. Nguyen Hoai An, Senior Manager of CBRE Vietnam.  On average, primary prices in the high-end and low-end segments have increased by 7 per cent and 5 per cent year over year respectively. These are mostly projects near the city centre which are showing good construction progress or are by reputable developers.  This price growth is attributed to scarcity of land, meaning projects in or near the city centre become highly sought after.

On the resale front, average market prices have improved both year over year and quarter on quarter.  Among the four segments, luxury and high-end resale prices surged quarter on quarter at 3.2 per cent and 5.8 per cent respectively.  “It is noted that projects that are completed in the city centre are still sought after by buyers,” Ms. Hoai An added.

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