Hanoi condo prices to rise 5-7 pct per year: CBRE

By Duc Minh October 10, 2021 | 05:12 pm PT

Buildings seen in Nam Tu Liem District, Hanoi. Photo by Shutterstock

Primary prices of condominium units in Hanoi will increase 5-7 percent annually for the next three years, according to real estate consultancy CBRE Vietnam.

The firm’s third quarter realty market report attributes the price hike to future launch of some luxury and high-end projects in the city’s downtown area.

If vaccination against Covid-19 goes smoothly, creating favorable conditions for economic recovery and international travel, 25,000-27,000 new condominium units will be supplied next year, the report says.

The selling price of condominium units in Hanoi’s primary market averaged $1,542 per sq.m, excluding VAT and maintenance fees, in the third quarter of this year, up 16 percent year-on-year.

In Hanoi, 3,483 condominium units were launched in the third quarter, down 1 percent year-on-year, bringing the total in the first nine months of this year to 11,430 units, up 7 percent on-year.

Nearly 3,000 condominium units were sold in the third quarter, down 33 percent on-year, lifting the total in the first three quarters to roughly 11,000 units, also down one percent year-on-year.

Between 17,000-18,000 condominium units will be launched this year, almost the same as last year. Condominium sales are expected to recover in the last quarter, the report says.