The average price of apartments in Hanoi is currently being advertised at 45 million VND/m2, an increase of 10% compared to the same period last year, according to Mr. Nguyen Quoc Anh, Deputy General Director of Batdongsan.com.vn. The typical apartment in Hanoi is currently being advertised at an average price of 3.2 billion VND.
According to data from batdongsan.com.vn, the top-gaining areas in Hanoi are Royal City, Sun Grand City, The Pride, and My Dinh Song Da Urban Area, with a growth rate of 33% in the first two months compared to the same period last year.
Source: Batdongsan.com.vn.
Among them, Sun Grand City is the only luxury apartment complex on the list of fastest-growing areas in Hanoi. The average selling price in the first two months of 2023 was 80 million VND/m2, which has now increased to 107 million VND/m2.
Sun Grand City is the first apartment project of Sun Group in Hanoi, consisting of 2 buildings located on Thuy Khue Street, Tay Ho District, and close to the 500ha West Lake and 20ha green park at Bach Thao Garden.
The average selling price of apartments in the first two months of this year is 107 million VND/m2, with some units being listed at 150 – 166 million VND/m2, pushing the price of Duplex apartments in this project to 42 – 46 billion VND.
According to data, the 10 fastest-growing apartment complexes in Hanoi are mainly in the middle-income segment. With this price increase, affordable apartments without red books are no longer available for 25 million VND/m2.
The cheapest apartment complex in the market is Dai Thanh, which was traded at 20 million VND/m2 a year ago and is now being advertised at 26 million VND/m2.
According to Mr. Nguyen Quoc Anh, the price increase of apartments in Hanoi reflects the supply and demand relationship, and cannot be concluded as “price gouging” when a group of customers are willing to buy at that price.
Source: Batdongsan.com.vn
“If demand exceeds the peak search volume in August 2023, it could lead to a further increase in prices,” Mr. Quoc Anh said.
Bao Bao
