Topic: Apartments

Upward trend continued in apartment selling prices, particularly in Hanoi and HCM City.

The selling price of some projects hitting VND91 million ($3,460) per square meter.

Many buildings fail to meet construction and fire prevention requirements and pose a high risk.

Violations of construction and fire prevention regulations are to be strictly punished.

Fire in 10-story building in the capital killed at least 56 people.

A Savills Q3 2022 real estate market report shows that new supply of apartments for sale in Hanoi rose 235 per cent quarter-on-quarter and 69 per cent year-on-year. In addition to improved supply, apartment transactions also grew positively, reaching 3,605, up 61 per cent quarter-on-quarter and 49 per cent year-on-year. Class B apartment transactions accounted for 64 per cent.

DKRA’s August 2022 Real Estate Market Report shows that products, including apartments, townhouses, villas, and land plots, in Ho Chi Minh City and neighboring provinces have sharply declined both in supply and demand. With the possibility of limits on loans to buy real estate being eased, the market may recover by the end of the year but any change is unlikely in the short term.

As most activities have returned to normal following Covid-19, rents on apartments in many areas of Hanoi have increased by 10-20 per cent and are continuing upwards. Foreign tenants are expected to be a driving force for the development of the serviced apartment segment.

According to Batdongsan.com.vn, the number of real estate listings nationwide increased 14 per cent in May but the level of interest was down 11 per cent compared to the same period last year. Both interest in and sales of landed housing have showed signs of slowing, while the rental segment has seen figures rise.