Prices of apartments in Hanoi are expected to drop by late 2011 or early 2012 as an abundance of new apartment projects will go up for sale at reasonable prices.
Professor. Dr. Dang Hung Vo, Former Deputy Minister of Natural Resources and Environment, made the prediction when questioned about the future real estate market of Hanoi.
Next year, the construction of an additional 252 apartment projects will be undertaken expected to provide nearly 8,000 more apartments for the city.
Vu Xuan Thien, Deputy Director of Housing and Real Estate Management Department under the Ministry of Construction, agreed with Vo, adding that most of the construction projects started in 2010 wil be completed by 2012.
Thien also said that until 2013, people’s demand for apartments will have been basically met. The boom of apartment projects is a good sign for a more transparent real estate market and will offer more opportunities for people to own houses.
A range of urban area projects such as Trung Hoa-Nhan Chinh, Van Phuc, Van Khe, Duong Noi, An Hung, Park City and Mo Lao have been built along extended Le Van Luong Road.
Along Thang Long Avenue, the longest and most modern road in Vietnam, there is a series of new urban areas such as Tay Mo-Dai Mo, Geleximco, Nam An Khanh, Bac An Khanh and Van Canh. Hundreds of apartment blocks are also being built in the districts of Cau Giay, Tu Liem, Tay Ho and My Dinh.
HUD HOLDINGS is building the Thanh Lam-Dai Thinh II project in Me Linh District. Vietnam Construction Import-Export Corporation (Vinaconex) and Hanoi Housing Development and Investment Corp (Handico) are investing in an 18-ha project to build houses for low-income earners in the Bac An Khanh Urban Area.
Song Da-Thang Long Joint Stock Company is speeding up construction of UsilkCity Project and Nam Cuong Group is quickening Le Van Luong Residential project for sales.
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