Hanoi new apartment supply falls to seven-year low

A report by real estate consultancy Jones Lang LaSalle (JLL) says 2,910 apartments were listed for sale in the second quarter, down 36.7 percent from the first quarter, most of them from subsequent phases of existing projects.

Although there had been expectations that new supply will increase after the social distancing campaign, the government’s tightening of controls relating to granting land use rights and construction licenses for new developments have had an impact, the report says.

Sales showed signs of recovery in the second quarter with 5,298 units sold, up 30.6 percent from the first quarter, with affordable and mid-end units priced $1,200-1,800 the top performers.

Average price was $1,493 per square meter, up 4.9 percent year-on-year.

Between 10,000 and 15,000 units are set to enter the market during the rest of the year, the report estimates.