Business

Hanoi’s property market predicted to rebound strongly

Strong construction activities in many different types of property and areas in Hanoi signal the strong recovery of the capital’s real estate market from this year onwards, according to CBRE Hanoi Branch Director Nguyen Hoai An.
Hanoi’s property market predicted to rebound strongly ảnh 1Buildings in Hanoi (Photo: VNA)
Hanoi (VNA) - Strong constructionactivities in many different types of property and areas in Hanoi signal the strongrecovery of the capital’s real estate market from this year onwards, accordingto CBRE Hanoi Branch Director Nguyen Hoai An.

At a recent press conference looking back on theHanoi market in the first quarter, An noted that not only residential realestate but also commercial real estate will welcome many new projects with theparticipation of foreign investors and domestic developers from the southernregion.

A CBRE Vietnam survey showed that approximately4,400 apartments were launched in Hanoi in Q1, down 39 percentquarter-on-quarter due to the hiatus caused by the Lunar New Year (Tet) holidayand the resurgence of COVID-19, but still up 270 percent year-on-year.

This indicates a strong recovery in the localproperty market compared to Q1 of 2020, when COVID-19 first broke out inVietnam.

Do Van Anh, manager of the research andconsulting division at CBRE Vietnam, said most of the new apartment supply inQ1 came from 14 projects already opened for sale, while onlythree projects were newly launched.

She said apartments in the mid-end segment werestill the most popular in the market, accounting for up to 80 percentof total new supply in Q1. The eastern and western areas of the city were home to mostnew projects, with 77 percent of new supply.

The positive market sentiment in recent timeshas also helped bridge the gap between the number of newly-launched apartmentsand those already sold.

A total of 4,200 apartments were sold in Q1. Inthe mid-end segment, the number of sold apartments was higher than newly-launchedapartments.

Anh forecast that new supply and sales in Hanoithis year will be around 24,000-26,000 apartments. Many residential real estateprojects will be launched for sale in different parts of the city, bothinner and outlying districts, in coming quarters, helping the market becomemore vibrant./.
VNA
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