In the outskirt areas, villa prices on the primary market – where developers sell directly to buyers – declined by 16% to VND150 million (US$6,038) per square meter, according to a report by property consultancy Savills Vietnam.
Townhouse prices plunged 17% to VND156 million.
But a contrasting trend was seen on the secondary market – where buyers sell to other buyers.
Villa prices have gone up 3% quarter-on-quarter to VND169 million, while those of townhouse gained 4% to VND187 million.
This means villas on the secondary market were 13% more expensive than those on the primary market. The gap was 20% for townhouses.
“This shows that villas and townhouse are considered attractive products on the secondary market,” the report said.
On the primary market, however, a surge in supply in the outskirts districts of Me Linh and Thuong Tin has brought prices down, said Do Thu Hang, Savills Vietnam senior director of advisory services.
It added that despite fluctuations in supply and prices, Hanoi’s villa and townhouse markets saw positive signs in the third quarter, with absorption rate reaching 48%, up 30 percentage points from the second quarter.
High demand came from the districts of Ha Dong, Me Linh and Thuong Tin, Savills said.
A new project is set to launch 2,600 units to the market this month, and another three will add almost 3,000 units in the upcoming months, it added.
Another property consultancy, CBRE, expects 5,000 units to be launched until the end of the year, which will likely end a supply shortage in Hanoi which has been recorded in the last several years.
From: VnexPress
Real Estate News
