The latest Q1 2024 Hanoi market report from OneHousing, a leading market research and consumer insights center, reveals that approximately 900 transactions for shophouses were made in the first quarter of 2024, predominantly in the central districts, leveraging their business advantages.
Among the central districts, Long Bien and Ba Dinh witnessed the most significant surge in transactions in March 2024. Specifically, compared to February 2024, transactions in Long Bien soared by 547% in March, while Ba Dinh experienced a 516% increase. Vibrant transaction activities were also observed in other districts, including Bac Tu Liem, Hai Ba Trung, Hoang Mai, and Ha Dong. Market researchers attribute these fluctuations to the post-Tet market revival.
Analyzing the trend of land prices for shophouses, there has been a consistent upward trajectory since 2020, reaching approximately VND 400 million/m2 in the first quarter of 2024 for central areas, roughly double the price of non-central locations.
Turning to the villa and townhouse segment in Hanoi, data from the Ministry of Construction indicates a 5-15% increase in transaction prices compared to the end of 2023. Prices now fluctuate between VND 80-220 million/m2. For instance, the Geleximco project in Le Trong Tan, Ha Dong district, is priced at approximately VND 100-125 million/m2, while the Louis City project in Nam Tu Liem district commands prices ranging from VND 180-250 million/m2.
According to the Ministry of Construction’s forecast, from now until the end of 2024, the supply of villas and townhouses in Hanoi is expected to include 2,977 units from 13 projects, with Dong Anh district contributing the largest share of future supply at 34%, followed by Ha Dong at 19%, and Hoai Duc at 16%.
Market research organizations’ reports for the first quarter show a 7% quarterly and 221% annual increase in the new supply of villas and townhouses. There were 665 primary supply units from 16 projects, a 6% quarterly and 12% annual decrease, with villas accounting for 41% of the primary supply.
