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Hanoi & HCMC residential markets stable

Released at: 09:44, 27/11/2015

Hanoi & HCMC residential markets stable

November report notes stable sales and prices in both cities.

by Thu Hoang

The residential market in Hanoi and Ho Chi Minh City remained stable in term of sales and prices during November, according to a report from the Housing and Real Estate Market Management Agency under the Ministry of Construction (MoC).

There were about 1,550 successful transactions in Hanoi during the month, down 5 per cent against October but increasing nearly 11 per cent compared to November 2014. Transaction numbers in the first eleven months of the year stood at about 17,750, 80 per cent higher year-on-year.

Some mid-end and high-end residential projects with prime locations and construction proceeding on time, such as Park Hill Times City, developed by Vingroup, and the Trang An Complex, developed by GP Invest, attracted the attention of homebuyers and investors, with high sales. Projects with small-sized apartments and affordable prices developed by reputable developers, such as Geleximco’s Gemek Tower, also saw healthy interest.

In Ho Chi Minh City there were 1,600 successful transactions in November, equal to October and increasing 23 per cent against last November. In the first eleven months 17,050 successful transactions were recorded, 92 per cent higher year-on-year. Most successful transactions were recorded in areas with developing infrastructure, such as District 2, District 9, and Thu Duc district.

Housing prices in both cities remained stable during the month and increased slightly in projects with comprehensive infrastructure and construction proceeding on schedule. In some projects in Hanoi still under construction but in favorable locations, such as Ha Dong and Thanh Xuan districts, prices increased 1-3 per cent.

In Ho Chi Minh City prices rose in certain nearly-completed projects located in prime locations. Prices increased in the secondary market in projects such as Mastery Thao Dien and The Sun Avenue in District 2 and Mega Residence in District 9.

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