Hanoi housing prices will continue to rise

April 12, 2023 | 17:14

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According to an annual report published on April 12 by the Vietnam Institute of Real Estate Research, the price of apartments in the middle and upper price ranges will see a marginal increase this year, with the supply of residences for the entire Hanoi market to reach 14,000 to 15,000 units.

Hanoi housing prices will continue to rise

According to the report, sales are expected to hit between 10,000 and 12,000 units with just under 58 per cent of foreign investors most interested in purchasing apartments in the middle and upper price ranges while 37 per cent are fuelling rental demand. Interest in tourism and resort real estate sits at over 26 per cent, while rental for tourism and resort real estate is around 32 per cent.

The demand for leasing industrial real estate, purchasing industrial real estate, and renting commercial offices accounts for approximately 5 per cent of the market.

Regarding the length of investment, 63 per cent of investors stated that they would invest in the longer term depending on certain legal and financial conditions, with around 16 per cent of investors willing to invest long term at a moderate level, and over 10 per cent stating they would make significant investments in the long term.

In the medium and long term, it is anticipated that the real estate market as a whole, and Hanoi's middle to high-end condo segments in particular, will benefit from four considerations; a comprehensive legal framework; the continued rebound of the property market; the rapid growth of an affluent middle class; and the country's ongoing vigorous urbanisation and infrastructure projects.

Real estate prices in Hanoi suburbs trending upwards

After a long time in the doldrums due to the global pandemic, land and property development in the outskirts of Hanoi is once again blossoming, with prices skyrocketing.