Condominium market prices in both Hà Nội and HCM City maintain an upward trend this year, according to CBRE Vietnam.
Condominium primary selling prices in both cities remained high, especially in Hà Nội, with primary prices recording rapid growth mainly due to the large quantity of new supply in the high-end segment.
The number of high-end condominium units accounted for 75 per cent in Hà Nội and 84 per cent in HCM City in 2023’s total new launches. On the other hand, the mid-point segment, with selling prices more budget-friendly to the majority of the population, accounted for only a small proportion, while the affordable segment has completely disappeared in both markets in the past few years.
Dung Dương, Executive Director of CBRE Vietnam, said: “In 2023, we observed a reversal in the trend between the Hà Nội and HCM City residential markets, with the Hà Nội market now following a similar trajectory to that of HCM City about three years ago.”
Particularly, at the end of 2023, the average primary selling price in Hà Nội reached VNĐ53 million per sqm (excluding VAT and maintenance fees), up 4.6 per cent quarter on quarter and 14.6 per cent year on year. This was the primary price recorded in HCM City during the 2020-2021 period.
On the contrary, the primary prices for condominiums in HCM City levelled off at around more than VNĐ61 million per sqm in 2023, down 1.7 per cent year on year.
Võ Huỳnh Tuấn Kiệt, Associate Director of CBRE Vietnam’s Housing Project Marketing, said at the end of 2023, real estate companies had many policies on reducing selling prices, with a condition that buyers must implement faster payment to receive the house. This was a business strategy and the decreasing trend was only for some projects in HCM City.
In the secondary market, the selling price of condominiums in Hà Nội and HCM City went on opposite trends, according to the CBRE Vietnam’s report on Hà Nội real estate market in the fourth quarter of 2023, released in Hà Nội on January 9. Source: Vietnam News
