Reasons for sudden drop in apartment transactions

TPO – According to the Ministry of Construction , the number of transactions of apartments and individual houses in the second quarter tends to decrease compared to the first quarter of this year and the same period last year. The reason given by the Ministry of Construction is because house prices are high and buyers are in a wait-and-see mode.

The Ministry of Construction has just announced information on housing and the real estate market in the second quarter. According to surveys and reports from several major cities and provinces such as Hanoi and Ho Chi Minh City, apartment prices have increased by an average of 5% to 6.5% and 25% year-on-year, depending on the area and location. Apartment prices have increased not only in newly opened projects but also in many old apartments that have been used for many years.

“However, this situation only occurred for a short period, and there were signs of slowing down at the end of the quarter because prices were already high and buyers were in a wait-and-see mode,” the Ministry of Construction assessed.

In Hanoi, some apartment projects have seen high price increases such as in the Royal City urban area, The Pride (up 33%); My Dinh Song Da - Sudico (up 32%); Vinhomes West Point (up 28%)...

Hanoi apartment prices increase continuously.

In some old urban areas such as Trung Hoa – Nhan Chinh urban area, apartment prices also increased by 25%; resettlement apartment areas in Nam Trung Yen increased by 20%…

To buy an apartment with a slower price increase, buyers must look to areas far from the center such as Tay Mo (Nam Tu Liem), Hoai Duc, Sai Dong (Long Bien)... but the price is still not less than 3 billion.

In Ho Chi Minh City, apartments are also not out of the price increase trend. The price fluctuations of mid-range apartments in Ho Chi Minh City (price 35 - 55 million VND/m2) increased by 2%; high-end apartments (price over 55 million VND/m2) increased by 5% compared to the same period in 2023.

The selling price of used apartment projects in Ho Chi Minh City also tends to increase, especially in the inner city area. A survey at the City Garden project (Binh Thanh district) showed an average sale price of VND85 million/m2, an increase of 18% compared to the same period last year. The Antonia project (District 7) and Masteri Thao Dien (District 2) increased by 11% and 10% respectively.

According to analysis reports, apartment prices in Ho Chi Minh City may continue to increase in the coming time due to the scarce supply of new projects launched on the market.

According to statistics from the Ministry of Construction, in the second quarter, there were nearly 25,890 transactions of apartments and individual houses, equal to 72.2% compared to the first quarter of 2024, equal to 87.08% compared to the same period in 2023.

Regarding the development of commercial housing in the second quarter, the Ministry of Construction said that there were 9 completed projects nationwide with a scale of about 5,005 units. The number of completed commercial housing projects in the second quarter was 128.5% compared to the same period in 2023. In Hanoi, there was 1 completed project, Hung Yen had 3 completed projects, and Ho Chi Minh City had 2 completed projects.

Similarly, the number of newly licensed projects in the second quarter was 19 projects, with a scale of about 10,230 apartments, the number of newly licensed projects was 126.6% compared to the same period last year. The number of projects eligible to sell future housing was 50 projects, with a scale of about 13,167 apartments, equal to 106.38% compared to the same period last year. There are 998 projects under construction nationwide, with a scale of about 437,153 apartments.

Ngoc Mai

Source: https://tienphong.vn/ly-do-giao-dich-chung-cu-dot-ngot-giam-post1663705.tpo