The domestic market saw strong development in the landed property segment in the third quarter of this year, according to CBRE Vietnam’s report on the Hanoi property market. (Photo: VNA)Hanoi (VNS/VNA) – The domestic market saw strongdevelopment in the landed property segment in the third quarter of this year,according to CBRE Vietnam’s report on the Hanoi property market.
Releasing the report at a press conference by CBRE Vietnam onOctober 4 in Hanoi, Nguyen Hoai An, Director of CBRE Vietnam’s Hanoi branch,said the landed property market was continuing to thrive in the western regionof the city. New projects sold around the inner city achieved good sales.Prices on the secondary market continued to increase slightly.
In the third quarter of this year, there were 646 newlylaunched units from four projects, including Terra Hao Nam, Hanoi Garden City,Phoenix Garden Dan Phuong and Hanssip Phu Xuyen. Terra Hao Nam and Hanoi GardenCity, with a smaller scale and decent distance to the city centre, haverecorded positive sales performance.
In terms of sales, 512 units from the registered projectssold in the third quarter, a significant improvement compared to about 220units in the second quarter of this year.
Secondary prices of villas in the third quarter rose by 2 percentquarter on quarter to 3,600 USD per square metre, including construction costs.Most projects experiencing an increase in sales price were in western districtssuch as Ha Dong and Nam Tu Liem.
In the coming quarters, there will be more large-scale projects launched,including those launching for the first time and the next phases of large-scaleurban projects in areas such as Long Bien, Dai Mo, Tay Mo and Dong Anh, accordingto CBRE Vietnam.
“Villas and landed property in the centre of Hanoi willcontinue to be attractive towards the end of this year,” An said. “This segmentwill have high liquidity in the market due to the small supply of new villasand landed property products in good locations.”
At present, many villa and landed property projects haverecorded a slight increase compared to the first half of the year, but themarket would see sustainable development without a bubble, she said.
Expert Dang Hung Vo said local people prefer villas andlanded property because those products have high liquidity and potential ingaining high profit while the owners could control the design of their propertyproducts.
Apartment building fires and deterioration in buildings constructed10-20 years ago have caused many customers to change their preference to villasand landed property, Nguyen Quoc Hiep, Deputy Director of the Hung VuongHousing and Construction Joint Stock Company, was quoted by reatimes.vn assaying.
According to investors, in the period from the end of thisyear until early 2019, many large investors will offer villas and landedproperty products at projects in Hanoi. Meanwhile, some projects in neighboringprovinces such as Vinh Phuc, Bac Ninh and Thai Nguyen have also seen successfultransactions for such property products.
Hiep said landed property products in suburban areas of Hanoiwould continue to attract investors by the end of this year. Of which, theVincity projects in Gia Lam and Hoai Duc districts would be launched, changingthe property market in suburban areas.
Meanwhile, in the third quarter, there were nearly 5,000condominium units launched from 24 projects in Hanoi, down by 24 percentquarter on quarter, according to CBRE Vietnam.
Launched projects in this quarter are mostly located in thewest and south of the city, together accounting for more than 70 percent of totalnewly launched units. Hanoi’s residential market has shown a clear trend ofdecentralisation with new projects in residential areas such as Thanh Tri andHoai Duc districts.
In terms of sales performance, 4,300 units were sold duringthe third quarter, down by 27 percent quarter on quarter. This time of the yeartraditionally sees a slump in sales.
Buyers are still waiting for new projects to be launched atthe end of the year before making decisions, meaning slower sales performance.
Although there has been a decrease in the number of soldunits in this quarter, the fact that many projects, which will be launched inthe last quarter, have received a large number of bookings shows good marketsentiment. The projects which are about to be launched at the end of the yearare those that developers have carefully researched and surveyed the market fora long time.-VNS/VNA
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