In Q2 Hanoi's market had a total of 5,100 sold units, more than double that of the previous quarter (Photo: vneconomy.vn) Hanoi (VNS/VNA) - The new launch of condominiums in the second quarterof this year (Q2) nearly tripled that of the previous quarter, showing recoveryof sales activities, according to CBRE Vietnam's quarterly report on the Hanoi marketreleased at a recent online press conference.
In terms of segments, 88 percent of units launched in Q2 were in the mid-endsegment while the remainder were high-end products.
Sales momentum was relatively positive in Q2 compared to the previous quarter,with more than 50 percent of units launched during the quarter having beenabsorbed.
In Q2, there were a total of 5,100 sold units, more than double that of theprevious quarter. The sales picked up in Q2 thanks to the social distancingorder removed.
Diversification in sales channels such as online channels combined with directmarketing via sales events has boosted sales during the quarter, according toCBRE.
Especially, applications in project management and online sales have beensuccessfully developed by many companies. Those technology platforms help tointroduce projects, deal with customers and carry out online sales process.
In addition, investors and property trading floors can also receive sales dataand information analysis to build suitable sales and marketing strategy, RobertVu, CEO of batdongsan.com.vn, a popular property website in Vietnam, said onWednesday at a press conference releasing a report on the domestic propertymarket in Q2.
Local buyers are the key focus of developers during the first half of the yearas foreign sales have been disrupted due to the suspension of internationalflights.
The segment of property for foreigners buying or renting significantly sloweddown due to the reduced number of foreigners travelling in Vietnam and asignificant amount of foreigners going home due to the COVID-19 pandemic, NguyenHoai An, director of Hanoi Branch, CBRE Vietnam told Viet Nam News.
"However, in the Hanoi market, there were many experts of foreigncompanies coming back to work in Vietnam by charter flights. Therefore, theexperts must rent serviced apartments and hotels, leading to occupancy rates inmany serviced apartment projects increasing from the end of the secondquarter."
The hotel segment in Hanoi was in a better situation, although it stillstruggles, she said.
"The prospects of this property market for foreign customers would dependon the ability to re-open international flights and borders between Vietnam andother countries," An said.
The CBRE also reported that the Hanoi market had about 5,600 units launched inQ2, leading to a total new launch during the first half of around 7,200 units –down 65 percent year on year (y-o-y).
The new supply in the first six months declined significantly compared to thesame period of last year due to COVID-19 disruption, said CBRE Vietnam.
Selling prices in the primary market in Q2 averaged 1,379 USD per sq.m (net ofVAT), up by 3 percent y-o-y. While mid-end products from township developmentssee higher selling prices due to an increasing amount of amenities, landscapeand infrastructure, this segment witnessed the highest y-o-y growth of 4 percentamong segments.
The level of new supply is expected to stay at around 18,000-20,000 units in2020, lower than 30,000 units at annual average for many years, according tothe CBRE.
Nguyen Hoai An, director of Hanoi Branch, CBRE Vietnam said that: “The lowerlevel of new supply this year allows sales to catch up quicker with the newlaunch which had remained at a high-level over the past five years.”
This year, total sold units might be lowered to around 15,000-17,000 units in Hanoidue to modest sales performance in the first half of this year.
The primary pricing is forecast to remain flat in the second half of this yearsince new supply is heavily dominated by mid-end segment and higher competitionin this segment making it harder to escalate selling prices.
According to batdongsan.com.vn, the number of searches for mini apartments(with an area of less than 45sq.m) at the end of Q2 increased by more than 200 percentcompared to February 2020.
This reflects the growing trend of more young people and families wishing toown affordable apartments. This is also a reason for investors to build studioapartments and mini apartments, according to this website./.
In terms of segments, 88 percent of units launched in Q2 were in the mid-endsegment while the remainder were high-end products.
Sales momentum was relatively positive in Q2 compared to the previous quarter,with more than 50 percent of units launched during the quarter having beenabsorbed.
In Q2, there were a total of 5,100 sold units, more than double that of theprevious quarter. The sales picked up in Q2 thanks to the social distancingorder removed.
Diversification in sales channels such as online channels combined with directmarketing via sales events has boosted sales during the quarter, according toCBRE.
Especially, applications in project management and online sales have beensuccessfully developed by many companies. Those technology platforms help tointroduce projects, deal with customers and carry out online sales process.
In addition, investors and property trading floors can also receive sales dataand information analysis to build suitable sales and marketing strategy, RobertVu, CEO of batdongsan.com.vn, a popular property website in Vietnam, said onWednesday at a press conference releasing a report on the domestic propertymarket in Q2.
Local buyers are the key focus of developers during the first half of the yearas foreign sales have been disrupted due to the suspension of internationalflights.
The segment of property for foreigners buying or renting significantly sloweddown due to the reduced number of foreigners travelling in Vietnam and asignificant amount of foreigners going home due to the COVID-19 pandemic, NguyenHoai An, director of Hanoi Branch, CBRE Vietnam told Viet Nam News.
"However, in the Hanoi market, there were many experts of foreigncompanies coming back to work in Vietnam by charter flights. Therefore, theexperts must rent serviced apartments and hotels, leading to occupancy rates inmany serviced apartment projects increasing from the end of the secondquarter."
The hotel segment in Hanoi was in a better situation, although it stillstruggles, she said.
"The prospects of this property market for foreign customers would dependon the ability to re-open international flights and borders between Vietnam andother countries," An said.
The CBRE also reported that the Hanoi market had about 5,600 units launched inQ2, leading to a total new launch during the first half of around 7,200 units –down 65 percent year on year (y-o-y).
The new supply in the first six months declined significantly compared to thesame period of last year due to COVID-19 disruption, said CBRE Vietnam.
Selling prices in the primary market in Q2 averaged 1,379 USD per sq.m (net ofVAT), up by 3 percent y-o-y. While mid-end products from township developmentssee higher selling prices due to an increasing amount of amenities, landscapeand infrastructure, this segment witnessed the highest y-o-y growth of 4 percentamong segments.
The level of new supply is expected to stay at around 18,000-20,000 units in2020, lower than 30,000 units at annual average for many years, according tothe CBRE.
Nguyen Hoai An, director of Hanoi Branch, CBRE Vietnam said that: “The lowerlevel of new supply this year allows sales to catch up quicker with the newlaunch which had remained at a high-level over the past five years.”
This year, total sold units might be lowered to around 15,000-17,000 units in Hanoidue to modest sales performance in the first half of this year.
The primary pricing is forecast to remain flat in the second half of this yearsince new supply is heavily dominated by mid-end segment and higher competitionin this segment making it harder to escalate selling prices.
According to batdongsan.com.vn, the number of searches for mini apartments(with an area of less than 45sq.m) at the end of Q2 increased by more than 200 percentcompared to February 2020.
This reflects the growing trend of more young people and families wishing toown affordable apartments. This is also a reason for investors to build studioapartments and mini apartments, according to this website./.
VNA
