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Residential market soars

Released at: 16:12, 10/04/2015

Residential market soars

The market for apartments has never been as vibrant in both Hanoi and Ho Chi Minh City.

by Quynh Nguyen

Hanoi in the first quarter of 2015 witnessed unprecedented excitement in the residential market, especially in the apartment sector, according to the latest report by Savills, which was released on April 10,

More than 5,600 apartments have been sold, increasing 62 per cent compared with the final quarter of 2014. The total supply of apartments in Hanoi is also rising with 114,600 apartments from 189 projects sold out and 80 buildings opening for sales. In addition, there are 21 new projects joining the market with nearly 7,700 apartments, much high than 2014. 

Not inferior to Hanoi, the number of apartments sold out in Ho Chi Minh City reached 5,200, of which District 2 topped other sub-markets, accounting for nearly 40 per cent of the quarter’s volume, according to a report by Jones Lang LaSalle (JLL).

The total supply reached 99,000 apartments, of which 68,000 apartments were completed and 31,000 are being completed. The report also showed that new supply in Q1 was up 30 per cent per quarter to nearly 6,000 units, with considerable expansion in the mid-range and premium segments.

Speaking with VET at the conference for the release of the Q1 report, Mr. Nguyen Hong Son, Head of Research and Consultancy for Savills Hanoi, said that positive signs from the apartment segment along with the increase of GDP to more than 6 per cent are clear evidence for economic recovery. “Support from banks through long-term loans and support of investors to homebuyers helped to increase the number of apartments sold,” he said. “Besides, amendments to housing laws which allows foreign homebuyers to be able to buy 30 per cent of total apartments of a project is expected to increase demand in the segment.” 

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