Apartment prices increase rapidly due to dominance of the high-end segment

Apartment prices in Hanoi increased 14% year-on-year

A recent report by the Ministry of Construction assessed that apartments are the type of real estate least affected by the negative impacts of the market in the past year. The reason is that this type of real estate serves real housing needs.

According to the Ministry of Construction, in the third quarter, the level of interest in apartments has shown signs of recovery, with demand for buying increasing by 1% and for renting increasing by 6% compared to the previous quarter. In particular, apartments priced from 2-4 billion VND are the most sought after. In major cities, there are signs of good absorption, concentrated in the apartment segment, housing priced under 10 billion VND in the central core area.

In Hanoi, in the primary market, the average selling price of newly launched apartments in the third quarter increased by nearly 7% quarter-on-quarter, up 14% year-on-year and reached about VND50.8 million/m2.

"The price adjustment is on an upward trend due to the overwhelming proportion of new supply in the high-end segment (over 90%). Along with that, some investors have adjusted prices up and opened for sale additional inventory on higher floors," the report of the Ministry of Construction stated.

Giá bán căn hộ tăng nhanh do phân khúc cao cấp áp đảo - 1 — The average selling price of newly opened apartments in Hanoi in the third quarter reached about 50.8 million VND/m2 (Illustration photo: Ha Phong).

In addition, in the secondary market, the average selling price of apartments continued to increase from the previous quarter, reaching about VND32 million/m2, up 2.7% quarter-on-quarter and 0.8% year-on-year. Many districts in Hanoi recorded an increase in secondary selling prices in the third quarter compared to the second quarter.

Affordable apartments include the Anland Premium Duong Noi project (Ha Dong district) with an asking price of about 31 million VND/m2; the One 18 Ngoc Lam project (Long Bien district) with an asking price of about 27.5 million VND/m2; the Eurowindow River Park project (Dong Anh district) with an asking price of about 25.2 million VND/m2...

Mid-range apartments such as Moonlight 1 - An Lac Green Symphony project (Hoai Duc district) have asking prices ranging from 39-42 million VND/m2; Hoang Thanh Pearl project (Nam Tu Liem district) have asking prices ranging from 45-50 million VND/m2; Sakura subdivision of Vinhomes Smart City project (Nam Tu Liem district) has asking prices ranging from 43 million VND/m2; The Miami subdivision of Vinhomes Smart City project (Nam Tu Liem district) has asking prices ranging from 46 million VND/m2.

Luxury apartments at TNR The Nosta project (Dong Da district) are offered for sale at around 60-75 million VND/m2; Han Jardin apartment project is offered for sale at around 51-82 million VND/m2; West B building in Masteri West Highs subdivision - Vinhomes Smart City (Nam Tu Liem district), is offered for sale at around 61 million VND/m2.

Luxury apartment prices remain stable

Similar to Hanoi, in the HCMC market, in the third quarter, the number of newly opened apartments for sale mostly came from the next phase of existing projects. The primary selling price of the HCMC apartment market in the third quarter reached more than 60 million VND/m2.

In the secondary apartment market, the average price reached 45 million VND/m2, up 3% compared to the previous quarter. Meanwhile, secondary prices in the luxury and affordable segments remained almost unchanged compared to the second quarter.

The quarterly increase was mainly due to the increase in secondary prices in the high-end and mid-end segments, especially for projects near the center such as Binh Thanh district, Thu Duc city.

Affordable apartments in Ho Chi Minh City include: Diyas Sky studio apartment project (Tan Binh district) with asking price ranging from 25.5-32 million VND/m2; Citi Alto apartment project with asking price ranging from 29-34 million VND/m2

Mid-range apartments include the An Gia Skyline project (District 7) with an asking price of about VND39 million/m2; the Happy Valley project (District 7) with an asking price of about VND48.2 million/m2; and the Royal Park Riverside apartment project (District 8) with an asking price of about VND35 million/m2.

Luxury apartments including The Beverly Solari subdivision - Vinhomes Grand Park (District 9) have asking prices ranging from 47-66 million VND/m2; Empire City-The Monarch project in Thu Thiem Urban Area has a price of about 200 million VND/m2; Thao Dien Green project (District 2) has a asking price of about 100 million VND/m2.

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