Apartment “sold out”
At the Hanoi real estate market highlight report, Ms. Nguyen Hoai An – Senior Director of CBRE in Hanoi said that the apartment absorption rate in Hanoi from the beginning of the year until now is quite positive but the supply still limited; Most of the new supply is concentrated at the end of the first quarter of 2024.
According to CBRE, from the beginning of the year until now, the market continues to record limited housing supply in key areas of Hanoi and City. Ho Chi Minh. Specifically, new supply in Hanoi focuses mainly from high-end apartment projects in the West, reaching a total of more than 2,300 apartments and 30 low-rise houses recorded for new sales in the first quarter.
In the first quarter of 2024, Hanoi recorded 2,300 new apartment supplies, of which the total number of apartments sold was about more than 2,000 units.
However, compared to the same period in 2023, the supply of new apartments for sale in Hanoi in the first quarter of 2024 has increased by 11%. This number has not yet recovered to the level of 3,000 – 4,000 new units launched for sale in the first quarter of the previous 2021 and 2022 years.
Meanwhile, in the city. In Ho Chi Minh City, there are only about 500 apartments offered for sale to the market, most of which are still the next phases of projects that have opened for sale since 2023; Of which, there are only more than 80 apartments in the high-end segment in the southern area of the city. This is also the lowest number of apartments offered for sale in a quarter in the past 15 years in this city and is only about 17% compared to the same period last year.
Regarding liquidity, the absorption rate of apartments in Hanoi shows positivity even though most of the new supply is concentrated at the end of the quarter. The total number of apartments sold in the first quarter reached more than 2,000 apartments, equivalent to the level recorded in the first quarter of last year. In addition, the landed real estate market recorded nearly 300 units sold, down 73% compared to the same period last year.
Many projects launched for sale this quarter are recording positive sales rates, such as an apartment project in Nam Tu Liem district that opened nearly 700 new units for sale in the first quarter and achieved a sales rate of about 80%, or a low project. The floor in Ha Dong, which just opened for sale at the end of last year, has sold out nearly 90% of the shopping cart.
In Ho Chi Minh City, limited new supply has led to a low number of apartments consumed compared to the same period last year as well as compared to the previous quarter. Specifically, the total number of apartments sold in the first quarter in the Ho Chi Minh City market is about more than 600 units, down 74% compared to the fourth quarter of 2023 but still higher than the number of new apartments offered for sale in the quarter. .
The absorption rate of projects offered for sale in the first quarter reached about 80%, thanks to prices that did not have many adjustments compared to the previous sale periods or prices that were considered to be consistent with the general level of the market. area.
