House prices in Hanoi keep increasing
Prices of housing segments in Hanoi continue upward trends so far this year, as shown by statistics from trading platforms and foreign real estate agencies.
Housing prices in Hanoi are going to rise
In the half of 2022, apartment prices rose 13% in a year though demand fell by 32%. Meanwhile, the prices of villas between January and June rose 37% from the same period last year despite a fall in transactions of up to 72%.
According to a statistic on Hanoi’s real estate market announced in July 2022 had shown that the prestigious real estate transaction platform, apartments remained attractive to homebuyers. The prices of apartments in all segments (affordable, mid-end, and high-end) rose 6-13% per year, compared to 4-8% in Hanoi, Capital. Surging housing prices are attributed to Hanoi’s well-planned infrastructure and transport. Besides, demand for apartments in the city increased by 7% in the year and the sector has continued rising over the past four years.
For instance, the prices of apartments in Cau Giay and apartment buildings in Thanh Xuan districts rose to an average of US$1,900 – $2,500 per square meter currently from $1,288 – $1,700 per square meter last year.
Notably, the price hike has been recorded in areas like Gia Lam, Hoai Duc, and Dong Anh outlying districts. Accordingly, apartments are priced at VND30 million ($1,288)/sq.m on average from VND18 ($770)-VND20 million ($850)/sq.m in 2021.
Some homebuyer’s opinions on the housing prices in Hanoi
Tran Mai Phuong, a teacher living in Hung Yen Province, about 60km Northwest of Hanoi, said she felt shocked by the prices of apartments in Hanoi after 10 years when she move to the province, which is also her hometown for her teaching career. The prices of apartments in Hanoi city made her surprised when a realtor showed me a few days ago: “It’s unbelievable that the prices tripled though in the same place that my family wished to buy a decade ago”, she said.
According to the experts, the prices of apartments for sale in Hanoi continue to rise due to thin supply and surging demand, including those who are seeking accommodations for their children following tertiary education in the capital city. In reality, Phuong’s family wants to buy an apartment for her eldest daughter who is a first-year student at the National Economics University located in downtown Hanoi.
Having the same demand for education purposes, Nguyen Duy Duong from Bac Giang, 50km North of Hanoi, shared with The Hanoi Times that 2 years ago, his family bought an apartment for sale in Cau Giay district for their daughter when their kids started high school at Foreign Language Specialized School – Vietnam National University, Hanoi.
The 70-sq.m apartment cost them VND2.3 billion ($98,000) in 2020. But the prices now reach VND3.8 billion ($162,000) for the same apartment. “I don’t think the prices of Hanoi apartments for sale increase by 65% after two years in such an area where apartment buildings are abundant,” Duong said.
Generally, the apartment prices of all segments (affordable, mid-end high-end) have reached a new level, in which, those priced below VND2 billion ($85,000) are only a few across Hanoi. It’s hard to find a property with that rate in Hanoi with good design and infrastructure in the city’s metropolitan area.
If you are seeking an apartment in Hanoi, call us (Tan Long Land) through this number 0986 720 720 to get the earliest advice from our experts.
