Apartment prices on the rise

Data reveals an ongoing upward trend in apartment prices in Hanoi and HCMC, particularly in central areas.

On the afternoon of January 12, the Ministry of Construction unveiled information about the real estate market for the fourth quarter of 2023 and the entire year of 2023. The data reveals an ongoing upward trend in apartment prices in Hanoi and HCMC, particularly in central areas.

Specifically, in Hanoi during the fourth quarter of 2023, apartment prices rose by 3.5-4.1 percent. In HCMC, several projects saw price increases ranging from 3.6 to 4.6 percent. There are scarcely any projects in the market catering to the affordable housing segment with prices below VND25 million per square meter, mainly focusing on mid-range apartments priced from VND25 million to VND50 million per square meter.

Regarding standalone houses, throughout 2023, prices in different regions show a consistent decline each quarter, with an overall decrease ranging from 10 to 14 percent compared to 2022. Notably, some areas experience substantial reductions, including Da Nang with a decrease of 13.1 percent, Hanoi with a decrease of 10.8 percent, HCMC with a decrease of 12 percent, Khanh Hoa with a decrease of 12.3 percent, and Dong Nai with a decrease of 10.9 percent.

However, the prices for villas and townhouses in Hanoi and HCMC remain elevated despite a low volume of transactions. In Hanoi, several projects have selling prices ranging from VND160 million to over VND300 million per square meter. In HCMC, the selling prices for villas and townhouses in some areas swing from VND140 million to over VND400 million per square meter.

Concerning office rentals, both Hanoi and HCMC have witnessed a trend of reduced rental prices, ranging from 9 to 22 percent compared to the previous quarter. Concurrently, the situation of vacating office spaces and the trend of relocating offices from central areas to surrounding regions have increased compared to the previous quarter.

In the tourism and resort real estate sector, both selling prices and transaction volumes are experiencing a continued decrease. There has been a significant reduction in the number of resort villas available for sale in the Southern region. Additionally, the quantity of tourist apartments offered for sale nationwide in 2023 has fallen compared to the figures observed in 2022.

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