Recently, numerous real estate brokerage platforms and social networks have been reporting the increasing prices of houses and land in Hanoi, attracting the attention of many individuals.
According to discussions with several brokers in Hanoi, during the “real estate fever” period in 2021 – 2022, housing and land prices in the capital skyrocketed to an excessive level. As a result, from the end of 2022 to 2023, the market froze, and many investors found themselves in a financial bind, forcing them to reduce prices by 20 – 30% to improve liquidity.
However, starting from late 2023 until now, the housing market has shown clear signs of recovery, with a significant increase in the number of listings and searches. In particular, real estate properties priced between 2 – 3 billion VND with an area below 30 square meters have garnered considerable attention.
There is a high level of interest in real estate properties with prices ranging from 2 to 3 billion VND and an area below 30 square meters. (Photo: Lập Đông)
Meanwhile, according to the year-end report from Batdongsan.com.vn, while many segments of the real estate market are experiencing a downturn, the townhouse segment continues to show growth.
Specifically, compared to the second quarter of 2023, the sale prices and levels of interest of townhouses located in the alleys of inner Hanoi have increased by 2 – 9%. Notably, the sale prices of townhouses in Tay Ho district experienced the highest surge, reaching 9%, while other districts such as Dong Da, Ha Dong, Hai Ba Trung, and Hoang Mai witnessed price increases of 4 – 8%.
Moreover, the level of interest in Hanoi’s townhouse segment has increased by an average of 2-3% compared to the second quarter of 2023.
According to Mr. Do Ngoc Thang, the Regional Sales Director at OneHousing, the townhouse segment in downtown Hanoi has been relatively unaffected by market trends of growth or decline because land within the city limits cannot be expanded. The increasing population and the essential need for housing, investment, business, and rental properties ensure that the prices in the downtown real estate market, including townhouses, remain relatively stable.
The townhouse segment in downtown Hanoi has been relatively unaffected by market trends of growth or decline. (Photo: Lập Đông)
On the other hand, Ms. Do Thu Hang, the Senior Director of Research at Savills Hanoi, believes that the townhouse segment, which is affordable and always in high demand, is characterized by a lack of available properties, and sellers rarely utilize financial leverage.
