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Property

Mid-end segment dominates Hanoi's apartment market in Q1

Released at: 19:47, 28/03/2017

Mid-end segment dominates Hanoi's apartment market in Q1

Photo: Ngoc Lan

CBRE releases first quarter report on capital's market.

by Ngoc Lan

The mid-end segment dominated Hanoi’s apartment market in the first quarter of 2017.

Ms. Nguyen Hoai An, Director of Research and Consulting Services at CBRE Vietnam, told a recent press conference on Hanoi’s real estate market in the first quarter that 9,398 units were launched in 35 projects across the city.

The mid-end segment accounted for 62 per cent of total new supply, followed by high-end and affordable. New launches in the affordable segment nearly tripled compared with the fourth quarter of 2016.

The number of successful transactions reached 6,143 in the quarter, with 76 per cent being in the mid- and high-end segments.

The affordable segment saw significant improvements in supply, providing more options for homebuyers.  

“Domestic investors are increasingly interested in the affordable segment,” Ms. An said. “Subsequent quarters are expected to see new supply coming to the low-end segment and most projects will be located in non-CBD areas.”

In terms of pricing, average secondary prices increased slightly in all segments. While high-end and luxury segment prices increased 8.4 per cent and 12.3 per cent year-on-year, respectively, the affordable segment saw a decline of 1.4 per cent quarter-on-quarter but an increase of 0.5 per cent year-on-year.

Mr. Marc Townsend, CEO of CBRE Vietnam, told the press conference that Vietnam is attracting major attention from investors, at the fourth-highest in Asia, after Australia, Japan and China.

Total registered capital, including new projects, additional capital, and share purchases in the first quarter reached $7.7 billion, up 77.6 per cent over the same period last year.

Total disbursed capital was estimated at $3.6 billion, up 2.8 per cent.

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