Condominium
in
Hanoi have continuously set
new price levels
in the past 2 years. Many apartment owners have made a large profit in a short period of time when investing or buying to live in them. From there, the question of whether to sell the apartment to “make a profit” at this time or not has been raised by many apartment owners.
According to actual surveys, at the beginning of 2024, some condominium projects that are rarely open for sale in Hanoi’s inner districts such as Nam Tu Liem district, Cau Giay district, Hoai Duc district, etc. have starting prices of 55-90 million dong/sqm. To buy a 2-bedroom apartment in these areas, residents must at least spend 4-7 billion dong.
The price of condominiums will continue to increase from now until the end of the year.
Not only new condominiums that set new price levels,
buildings that have been in use
for 3-5 years have also been
constantly increasing in price.
Ms. Minh Ngoc (Long Bien, Hanoi) bought a 73m2 apartment with 2 bedrooms at Hanhome Mai Chi Tho building (Long Bien, Hanoi) in 2020 and shared: “Over 3 years ago, I bought it for 1.7 billion dong. At the end of 2023, a buyer offered 2.3 billion dong and I planned to sell immediately. However, after knowing that the price of condominiums has been continuously increasing, I have no intention of selling anymore. At the beginning of 2024, a buyer offered 2.7 billion dong but I still didn’t sell and waited until the price reached 3 billion dong
to make a profit
“.
Ms. Minh Nguyet said that after more than 2 years of buying a 66m2 apartment at The Golden An Khanh condominium (Hoai Duc, Hanoi) for 1.97 billion dong, the apartment now has a price of up to 2.6 billion dong, bringing a profit of 32%. However, Ms. Nguyet has no intention of selling to make a profit because if she sells it to buy real estate in another suburban area, she doesn’t know if she can buy a better unit or not while the price of houses in Hanoi is still increasing.
Speaking with PV Tien Phong, Mr. Pham Duc Toan – CEO of EZ Property – said that in the past 3 years, the price of condominiums in Hanoi has continuously increased in both primary and secondary markets due to a serious shortage of supply. This has helped
condominium investors
before the pandemic almost all profitable.
According to Mr. Toan, this year, condominiums are predicted to continue to be the segment that welcomes safe haven money because they are easy to liquidate, serve real housing needs, and bring cash flow. However, for apartments handed over in over 5 years, the rate of price increase will reach saturation and the rate of increase and decrease will gradually decrease over the years. At that time, the rental yield will also tend to decrease. With old condominium projects with a lifespan of 4 years or more, the rate of price increase in the past can be considered to be in the strongest phase.
“I believe this year is a reasonable time for
apartment owners to sell to make a profit
. Currently, the primary price of condominiums in Hanoi is still at a high level, which makes the demand for the secondary market very strong and the liquidity is good,” Mr. Toan said.
Mr. Nguyen The Diep – Vice President of the Hanoi Real Estate Club – evaluated that the current shift in buyer demand is focusing on the condominium segment because it is one of the products with suitable prices that people can afford.
“In the context of high demand and low supply, price increases are inevitable, the price level of condominiums will continue to remain very high. For ongoing
construction
projects and newly launched projects, the rate of price increase will be higher because developers are under great pressure on input costs. It is forecasted that the price of condominiums will continue to increase in the coming years due to the inability to meet the supply,” Mr. Diep said.
