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.