The 'virtual fever' of the Hanoi real estate market has ended, and the hibernation period of the market has begun. There are very few transactions with the prices down by 20-30%. Director of Century, a real estate firm, Nguyen Trung Vu, said that Hanoi has followed HCM City into a quiet period, when both buyers and sellers are careful about their deals. However, Trung said that non-speculation deals are still occurring as usual, where houses or apartments worth less than VND2bil are being sold, and the buyers are not speculators, but have real demand for accommodations. Vu said that the land areas for construction projects have seen prices decrease by 20-30% over the beginning of the year. The prices once hit VND30-32mil/sq m, but now are selling at VND20mil/sq m. Contrary to all predictions, the information about the integration of Ha Tay province into Hanoi has not helped heat up land prices in the province. Nguyen Van Minh, Director of the Hanoi Real Estate Trading Centre (HRETC), … [Read more...] about Hanoi real estate market enters hibernation
Hanoi real estate market
Hanoi real estate market becomes attractive
At a time when the end of year is coming nearer, Hanoi real estate market has started to become attractive on the economic recovery, said Savills Vietnam. However, difference among sectors and areas also become clearer. In the third quarter, total supply of apartments for sales in the primary market from projects were over 1,000, which mostly came from Tu Liem, Dong Da, Hai Ba Trung districts. Nevertheless, the number of successful transactions across the primary market in the third quarter was lower than the second quarter. It was estimated that only more than 400 apartments were sold, accounting for nearly 38 percent of total supply of primary supply compared with 610 apartments sold in the second quarter.The primary offer price in the third quarter averaged about $1,830 a square metre, rising by 5.5 percent against the second quarter. The average secondary offer price also increased in all 12 researched districts, some 16 percent, against the second quarter. In the secondary market, … [Read more...] about Hanoi real estate market becomes attractive
Hanoi real estate market witnessing new fever
The Hanoi Times - The Hanoi real estate market these days is witnessing a new price fever after a rumour spread that Hanoi authorities will allow the 240 real estate projects in the former Ha Tay province to be implemented. Real estate trading floors and brokerage centres these days seem to be more bustling with visitors coming to seek information about some projects which will introduce products for sale. The products are mostly in the western area of Hanoi like Duong Noi, Van Canh, Tan Tay Do new urban areas and European Viet Kieu Village in Ha Dong district. At Duong Noi new urban area, invested in by Nam Cuong Group, a 100 square metre house, which was priced at 17-19 million dong per square metre one month ago, had the price of 20-21 million per square metre 10 days ago and now is on offer at 28-30 million dong per square metre. Tan Tay Do new urban area, which is just seven kilometres from Hanoi and links with the extended Cau Giay road and extended Hoang Quoc Viet … [Read more...] about Hanoi real estate market witnessing new fever
Hanoi real estate market grows in Q1
Savills Vietnam, a company specialising in real estate services, will release its report today on Hanoi's real estate market for the first quarter of this year. The report will include information about apartments for sale, serviced apartments, hotels and retail space. Vietnam News reporter Hoang Ha talked with Matthew Powell, Hanoi Branch Director of Savills Vietnam, about growth of the market. How did the domestic property market develop in the first quarter of this year? Where were the hot places in the market? During the first quarter of 2010, we have witnessed a steady growth in the domestic property market. Vietnam's economy is showing signals of recovery and is expected to recover in the 2010-11 period, which will partly contribute to the development of the real estate market. After the Prime Minister's recent decision to close all gold trading floors, some investors may switch to the property market. Apartments for sale market: The Q1 2010 primary market contributed 1,816 … [Read more...] about Hanoi real estate market grows in Q1
Hanoi real estate market sizzling: CBRE report
The Hanoi real estate market is buzzing with economic expansion driving investment and demand, a property consultant said, forecasting the lack of supply would send rents through the roof. CB Richard Ellis Vietnam (CBRE), an international real estate firm recently released its first-quarter review on the capital city's rental and building markets, complete with forecasts for this year as well. The total area of Grade A and B office space in the first quarter (such as the Opera Business Center, Pacific Place, VIT Tower and Viglacera Tower) reached about 250,000sq.m, with only 28 per cent vacant, according to CBRE. … [Read more...] about Hanoi real estate market sizzling: CBRE report