Mr. Hoang Hai, Director of the Department of Housing and Real Estate Market Management, answers reporters’ questions – Photo: Van Duan
At a regular press conference in the first quarter of 2024 organized by the Ministry of Construction on the morning of April 26, regarding the skyrocketing prices of chung cư apartments, Mr. Hoang Hai, Director of the Department of Housing and Real Estate Market Management, said that in face of the sharp increase in housing prices in Hanoi, the Ministry of Construction has inspected the prices of several chung cư apartments for sale in Hanoi. The results showed that there were not many transactions, and the number of successful transactions was very low.
“The Ministry of Construction has also issued a document requesting the Hanoi People’s Committee to investigate the sudden increase in chung cư apartment prices. However, up to now, the Ministry has not received a report,” said Mr. Hoang Hai. Regarding chung cư apartment prices in the first quarter of 2024, the Ministry of Construction said that the chung cư apartment market continues to attract attention from real buyers and medium and long-term investors.
According to a survey by the Institute of Construction Economics (Ministry of Construction) and the Vietnam Real Estate Association, the average selling price of some projects in Hanoi and Ho Chi Minh City fluctuated between 50 – 70 million VND/m2 – Photo: Van Duan
According to a survey by the Institute of Construction Economics (Ministry of Construction) and the Vietnam Real Estate Association, the average selling price of some projects in Hanoi and Ho Chi Minh City fluctuated between 50 – 70 million VND/m2.
In Hanoi, chung cư apartment prices have been continuously increasing in both the primary market (sold by the investor) and the secondary market (buyers from the investor, then resold).
In Ho Chi Minh City, in the first quarter of 2024, chung cư apartment prices in the secondary market tended to increase compared to the previous quarter and increased significantly in some districts such as District 7, Tan Phu, Tan Binh, Phu Nhuan. Some projects had a high average price increase in the first quarter of 2024.
According to the Ministry of Construction, in the first quarter of 2024, the demand for single houses and land increased compared to the previous quarter and the same period last year.
The number of transactions of single houses and land in Hanoi increased by 5 – 15% compared to the end of 2023, with prices ranging from 80 – 220 million VND/m2. In Ho Chi Minh City, prices ranged from 90 – 250 million VND/m2.
In Ho Chi Minh City, the selling prices of single houses, villas, townhouses, and land of some projects increased significantly in the quarter.
Regarding the housing supply nationwide, the Ministry of Construction said that in the first quarter of 2024, 10 projects were completed with a scale of about 4,706 units, the number of projects was 34.48% compared to the fourth quarter of 2023 and 71.43% compared to the same period in 2023.
The number of newly licensed projects was 19 with a scale of about 9,774 units, the number of newly licensed projects was 95% compared to the fourth quarter of 2023 and 111.76% compared to the same period in 2023.
In addition, there were 38 projects eligible to sell future-built houses, with a scale of about 5,527 units. The number of projects eligible to sell future-built houses was 80.85% compared to the fourth quarter of 2023 and 73.08% compared to the same period in 2023.
There were 984 projects under construction, with a scale of about 421,353 units. The number of projects under construction was 115.22% compared to the fourth quarter of 2023 and 140.97% compared to the same period in 2023.
