Hanoi’s condominium market witnessed a great growth during the last quarter of 2014 with 7,200 apartments from 16 projects offered, reported CBRE Viet Nam Company Ltd., a foreign property service provider.

Accordingly, total condominiums for sale amounted to 16,200 in the full year, more than doubling that of 2013.

In the fourth quarter of 2014 alone, 3,990 condominium transactions were successful, 48 percent of which came from the mid-end segment and 37 percent from the low-end segment. With this, a total of 10,700 apartments were sold during the year, rising 60 percent year on year.

Nguyen Hoai An, senior manager of CBRE Vietnam's Hanoi branch, said residential projects in urban districts continued to reel in buyers over the last three months in 2014 with highest price increase recorded in the high-end segment.

CBRE experts forecast the capital’s property market, including the condominium market, will maintain its momentum in 2015, particularly in the high- and mid-end segments.

The growth is expected to be contributed by the amended Law on Housing which will take effect on July 1, 2015, with regulations allowing foreigners and Vietnamese people residing abroad to hire and own real estate in Vietnam.-VNA