Hanoi Residential Real Estate ⁤Market Sees Strong​ Increase⁢ in⁣ Transactions

The residential real estate market in Hanoi is experiencing a⁣ significant surge in transactions, with a notable increase in the East ⁣and West‍ regions. According​ to the ⁤OneHousing‍ Center for Market Research and Customer Insights, these ‍regions have recorded⁤ approximately 2,300 transactions ⁤in August.

The East ⁤and ⁣West regions are emerging as the ⁢focal points of the Hanoi real estate market. Not​ only is the apartment segment thriving, but residential land transactions in these areas also⁣ account ​for 66% of the‌ Hanoi market in the first six months ⁤of 2024.

In the‍ month of Ngau‌ (the 7th lunar month) of⁢ 2024,‍ the residential real estate market recorded around 3,300 transactions. This number⁢ only decreased slightly compared to ​previous months, indicating that transactions‌ were very active despite the traditional slow period during the month of Ngau.

Region-wise, the West (Cau Giay, Nam Tu Liem, Bac Tu Liem, Ha Dong)​ leads the market ⁢with approximately 1,200⁤ transactions, accounting for 36% of​ the market share. The East (Gia Lam,⁤ Long Bien) follows ‍closely with around 1,100 transactions,​ accounting for 33% of the market share.

According to OneHousing, the West area ‍is ⁢experiencing a‌ surge in residential land‌ transactions due to its⁣ ability to attract a workforce and jobs comparable to ⁣those​ in‍ the inner city ‍districts. This‍ has led many people to choose to⁣ buy ⁤houses‍ in this area‍ for convenience in commuting to work. Meanwhile, ​the East ‌area is gaining popularity due to its developed infrastructure⁢ and better ‌living conditions.

In terms of‌ prices, the ‍residential real estate market⁢ is witnessing ⁣a steady upward trend. Residential land prices⁢ in inner-city areas have ‌reached⁤ up to 100 million VND/m2, while prices in suburban areas range from 70-80 million VND/m2.

Demand for housing remains high,⁤ with most buyers being those with⁣ genuine housing needs. However,⁢ finding residential land in inner-city areas remains challenging, with‌ supply falling short of demand. Houses priced between VND3 and VND4 billion ⁤are⁣ becoming increasingly ​scarce.

It is expected that in⁣ the last six ‍months of 2024, the residential real estate market will record‌ around 23,000 transactions, mainly​ concentrated ‍in the East​ and ​West regions.

Mr. Tran Duc Khang, Sales Director of Region 2 at ‍OneHousing, notes that despite⁢ conflicting information on the ​market about the increase in real estate prices, the fact ‍remains that supply is lower than demand. As a ⁣result, the​ transaction‍ price reflects⁣ the‍ market situation. Customers with the means are still seeking ⁢opportunities to invest in real estate due to concerns that the market may reach ‌a ‌new peak.

According to⁤ the overall residential housing ‍market situation, prices have increased somewhat, but there is no indication of a sharp ​increase in the near future. Instead, the market is experiencing a steady and stable​ increase. ‌With residential housing, stopping ⁣buying does⁤ not affect the homeowner’s ability to ⁢reduce prices. ‌Homeowners only reduce prices ⁢when they are in ⁤dire need of money to invest in something else.