According to reports, apartment prices in the West reached approximately VND 70 million/m2, while prices in the East touched VND 56 million/m2. The shift from middle-class to luxury projects has pushed up the average price of apartments significantly since 2021.
Despite the high prices, data from OneHousing shows that primary and secondary transactions increased in July 2024 in two major cities with large supplies: Vinhomes Ocean Park and Vinhomes Smart City.
Specifically, primary transactions accounted for 60% in Vinhomes Ocean Park and a remarkable 90% in Vinhomes Smart City, indicating that there is still strong absorption capacity for primary supplies in the West, despite new projects belonging to the luxury segment.
The total number of apartment transactions, including primary and secondary sales, in the two projects of Vinhomes Ocean Park and Vinhomes Smart City, grew by over 120% in July compared to the first month of the year.
Source: OneHousing
In July, primary sales in Vinhomes Ocean Park rose by 58% compared to June 2024, attributed to new projects with attractive sales policies stimulating home-buying demand. Vinhomes Smart City also witnessed a 13% increase in primary transactions from the previous month, mainly driven by the new supply of three luxury projects: Lumiere Evergreen, Lumi Hanoi, and The Sola Park.
For secondary sales of high-rise buildings in July 2024, Hanoi recorded approximately 3,200 transactions, a 35% increase compared to the previous month. The West and East areas saw a respective increase of 22% and 39% in the number of transferred transactions. Vinhomes Ocean Park and Vinhomes Smart City alone accounted for 30% of the total Hanoi market, a 6% increase compared to the beginning of the year.
Mr. Tran Minh Tien, Director of the OneHousing Market Research Center and Customer Insight, shared his insights: “The surge in apartment transfers in Hanoi in July resulted from customers’ tendency to finalize transactions before the Hungry Ghost Month. Moreover, the robust demand reflects the persistent high demand for residential housing in Hanoi. With continuously rising prices for new apartments, many customers opt for secondary apartment purchases with more reasonable prices, especially in new urban areas with comprehensive amenities in the East and West.”
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