Newly opened apartment projects in Hanoi are increasingly scarce, causing prices to go up. Many people fear that the uptrend will continue, and apartment prices will become more and more expensive.
(Smart City in Dong Anh, Hanoi - a real estate project of Sumitomo Corp and BRG)
Since the beginning of the year, the number of new apartment projects opened for sale in Hanoi is decreasing. In central districts such as Ba Dinh, Hoan Kiem, Dong Da, and Tay Ho, there are almost no new choices. Only in Dong Da district has 1 project T&T Capella Pham Ngoc Thach sells for up to 70-80 million/m2.
In the first 6 months of 2022, the supply of apartments in Hanoi is always in a state of scarcity. In the second quarter of 2022, the city recorded about 3,400 new products added to the market
In the third quarter of 2022 in the capital, there was only one licensed commercial housing project with 90 individual houses. Similarly, there are also no newly licensed social housing projects.
The above information was reported by the Hanoi Department of Construction in the Report on the situation of the real estate and housing market in the city in the third quarter of 2022, just sent to the Ministry of Construction and the People's Committee of Hanoi. In the above report, the Department of Construction said that in the last 3 quarters, the city's real estate market has not shown signs of prosperity when the product supply is still at a low level, mainly from previously approved projects. In addition, tightened credit policies, plus procedural difficulties, made many projects impossible to implement.
Notably, in this report, the Hanoi Department of Construction said that in the third quarter of 2022 in the capital, there was only one licensed commercial housing project with 90 individual houses. However, no projects were completed during the quarter.Currently, out of 52 projects being under legal processing in the city, only 7 projects are licensed to sell houses in the future. Similarly, there were no newly licensed social housing projects in the third quarter, the number of projects under construction so far was only 3 projects.
According to a report by the Hanoi Department of Construction, in the third quarter, the supply on the city market added more than 3,600 products, but mainly inventories from previous quarters were continued to be offered to the market, focusing mainly on in districts: Hoang Mai, Long Bien, Ha Dong.
SaoKhue Investment & Trade Promotion Corp
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