Townhouse prices fall across Vietnam

By Ngoc Diem   January 14, 2024 | 05:40 pm PT
Townhouse prices fall across Vietnam
Properties in Hanoi. Photo by VnExpress/Ngoc Thanh
Townhouse prices declined by 10-14% across the country last year, according to the Ministry of Construction.

At a press conference held on Friday the ministry’s Institute of Construction Economics published its report findings that show prices fell most notably in Da Nang (13%), HCMC (12%), Khanh Hoa Province (12.3%), and Hanoi (11%).

In HCMC, some apartment projects cut prices.

There was a 4.4% decrease at the Grand Manhattan in District 1, and 4.6% and 4.1%declines at Sunrise City View and Belleza Apartment in District 7.

On the other hand, in Hanoi, average apartment prices rose by 4%.

They were up 4.1% at some projects in Nam Tu Liem District, 3.8% in Hoang Mai District, 3.7% in Ha Dong District, and 3.5% in Thanh Xuan District.

In the second half of 2023 the number of transactions in the apartment and house segments fell by 17% from the first half but the number of land transactions increased by 28%, the ministry noted.

At the end of the year 2,800 apartments and 8,300 land plots remained unsold, a 11.6% decrease and a 15.7% increase.

Hoang Hai, director general of the ministry’s Housing and Real Estate Market Management Agency, said the market became more active in the second half, a possible sign of positive developments in 2024.

The ministry said this year it would audit its administrative procedures to remove legal hurdles that delay construction projects.

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