Apartment prices soar in Hanoi, edge down in HCMC

By Dinh Tri   April 14, 2024 | 03:00 pm PT
Apartment prices soar in Hanoi, edge down in HCMC
Apartment buildings in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Apartment prices fell by 3% year-on-year in the first quarter in HCMC but jumped 19% in Hanoi, according to a report by property consultancy CBRE.

In the southern metro new apartments were sold at an average of VND61 million (US$2,441) per square meter.

Around 80% of new apartments were sold. Another consultancy, JLL, said average prices fell by 1.3%. In Hanoi, new apartment prices rose by 19% to VND56 million, the CBRE report said.

On the secondary market, prices rose by 17%, the highest ever quarterly gain. This means prices in HCMC are now only 10% higher than in Hanoi, a gap that used to be 35% just two years ago.

Nguyen Hoai An, an analyst at CBRE, said the HCMC apartment market is now in a stable period after recording strong price surges in recent years.

There is a large supply of high-end and luxury apartments and developers are selling them at discounts to prepare for new projects, she added.

A developer is offering a fixed interest rate of 6% a year for 15 years at a project in the east of the city. Buyers only need to make a 30% down payment. Others are offering discounts of up to 24% if buyers pay 100%.

Nguyen Quoc Anh, deputy CEO of listing platform Batdongsan, said a number of investors in the south are now looking to buy in Hanoi where prices are lower.

Since 2021 the number of searches for Hanoi apartments by people living in HCMC have risen 7.5-fold, he said. Their searchers for HCMC apartments only doubled in the period, he added.

go to top