Hanoi apartment sales in H1 match full-year 2023

By Ngoc Diem July 14, 2024 | 02:00 am PT

An apartment project in Hanoi's Hoang Mai District. Photo by VnExpress/Ngoc Diem

Over 12,200 apartments were sold in Hanoi in the first six months of 2024, roughly the same number as in the whole of last year.

Nearly 10,200 transactions took place in the second quarter alone, according to a recent market report by property consultancy CBRE.

The western and eastern parts were the most active markets, with some newly launched projects there seeing absorption rates of 80-90%, the firm said.

Studio and one-bedroom apartments were the most in demand since they are easily rented out to generate incomes, it added.

According to real estate agency JLL, the number of high-end apartment transactions in the second quarter jumped by 60%.

Le Bao Long, strategy director at property trading platform Batdongsan, said apartments are usually in high demand in Hanoi and HCMC due to their massive housing demand fueled by high population growth rates.

Despite rising prices, apartments remain the most liquid segment in the market, he said.

Data from CBRE shows that the average prices in Hanoi rose by nearly 25% year-on-year in the second quarter in the primary market and 22% in the secondary market.

This year the capital city is expected to add a total of 20,000 new apartments, the highest number in the last four years, CBRE said.

But JLL said prices are unlikely to go down despite this because most of them are high-end properties built by major developers.