According to data from the OneHousing Market Research and Customer Insight Center, Hanoi’s apartment market recorded approximately 3,100 transfer transactions in August 2024. While this number slightly decreased by 3% compared to July, it significantly increased by 25% compared to May and June.
Out of these transactions, the top 10 projects with the highest transfer volume accounted for about 1,500 units, claiming 48% of Hanoi’s total transfer market share in August. Notably, eight out of these ten projects are located in the East and West of Hanoi.
Mr. Tran Minh Tien, Director of the OneHousing Market Research and Customer Insight Center, commented: “The apartment transfer market has been vibrant in recent months, indicating that customer demand for this segment remains strong. With limited new supply and high prices, many customers are turning to the transfer market for apartment options.”
He added that the majority of projects with successful transfer transactions are located in the East and West of Hanoi, areas known for their large apartment supply and well-planned, fully-facilitated, and well-managed mega-urban developments. Mr. Tien predicts that the volume of apartment transfer transactions might slightly decrease or stabilize in September and October before picking up again towards the end of the year, which is traditionally the busiest period for real estate transactions.
The vibrant apartment transfer market is partly attributed to the dwindling supply of new apartments, as highlighted by Mr. Tien.
A recent report by the Ministry of Construction pointed out that some real estate project investors are taking advantage of the limited supply situation to offer properties at high prices, expecting above-average profits.
In cases where there is only one or a very limited number of projects available in an area, and the demand and number of registered buyers are high, investors can increase prices due to the absence of competition and reference prices.
The report also highlighted the lack of sufficient real estate and housing supply to meet the needs of the majority of the population, especially low- and middle-income earners in urban areas, particularly in Hanoi and Ho Chi Minh City.
Additionally, challenges arise from the fact that the Land Law, Housing Law, and Real Estate Business Law, along with related laws, have not yet been amended. As a result, real estate businesses face difficulties due to overlapping, inconsistent, and unclear legal provisions.
Many businesses also struggle with accessing credit and capital through corporate bond issuance. Consequently, several projects have been temporarily halted, delayed, or slowed down in terms of construction progress.
With the recent enactment of the Land Law 2024, Housing Law 2023, and Real Estate Business Law 2023, the legislative challenges and inconsistencies have been addressed, and the existing issues from previous legal provisions have been largely resolved. However, it will take time for these new policies and laws to be fully implemented and integrated into daily practices.
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