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Tony Milton MRICS

BSc (Hons) Est Man
MRICS
APREA (CREIF)

Hanoi Residential
Friday, 27 February 2009

RESIDENTIAL MARKET                            

Current Market Conditions

 

 

The Hanoi real estate market has shown signs of re­covering from 2008’s slump with the number of transactions tripling over the last 6 months. The condominium market has been driving the up-swing with units priced at upto USD$117,647 / VND2bn generating the most transactions. For example, buyers can pick-up a @100sqm apartment in My Dinh or Dich Vong with good infrastructure, or a town house or villa in outlying Ha Dong City for about USD$87,500. However, the high-end segment remains sluggish, accounting for only about 10% of transactions.

 

 

Supply & Demand

 

Many real estate developers have poured money into projects in the neighbouring provinces looking for cheaper land and in the expectation of substantial infrastructure (roads / rail / MRT) improvements. Many developments are now planned especially since Hanoi merged with Ha Tay, Vinh Phuc Province's Me Linh District and 4 Communes of Hoa Binh Province's Luong Son District  in May 2008, making it the 17th largest capital in the world with a total area of more than 3,300 sq.km. Now Hanoi has about 6.2 million people, double the previous population, but is set to get much bigger since Hanoi will be expanded on both sides of the Red River by 2020 to accommodate an extra 4.5-5 million people. The growth of satellite / suburban centres also ties in with the Government's policy of moving residential areas to the belt of the capital city. Demand for houses on Ha Noi's edge, however, will not meet the rate of development for the next 5 years at least according to industry insiders. This is a problem since many of the new residential projects are due to be completed in the next 2 to 3 years at most, meaning that many of them will stay empty, at least for some time. The Institute for Urban Research & Infrastructure Development believe that demand in these areas will increase strongly in the long run, but currently demand is not as big as investors expected. The property market in Ha Tay for example has heated up over the last couple of years with a series of new urban areas / large developments such as Korea's Booyoung complex and the Village for European Overseas Vietnamese by TSQ. Bac Ninh Province has also seen new urban areas cropping up along large roads, such as Nam Tu Son and Yen Phong. According to Vinh Phoc Province's Department of Natural Resources & Environment applications have been received for about 30 new villa and urban area projects in the past 5 years with a total area of 1,738 hectares.

 

 

Condominiums

 

 

There are over 20 condominiums at various stages of development around Hanoi, mostly located in Ba Dinh and sold "off-the-plan" and "flipped" many times. However, since recent introduction of what amounts to a Capital Gains Tax, high interest rates and harder access to bank financing, and talk of taxing multiple home owners, demand has reduced dramatically, with the speculators now driven away from the market. Consequently, developers are having to now focus much more end users who lack the financial resources of speculators, and concentrate on developing lower spec / cheaper units. Nonetheless, many high end luxury developments are still planned or in mid-development, of which the few that have so far been marketed have sold extremely quickly.   

The sale prices of low-to-mid end units range from about USD$600-USD$1,000/sqm; for mid-to-high end units from about USD$1,000-USD$1,500/sqm; and for high-end units upto about USD$4,000/sqm. Payments are usually made in gradual instalments with the final instalment on completion and handover. Also note that some units are offered with a "shell & core" spec, whilst others are "fully fitted" - or at least the developer will offer "FF" packages.

 

 

Recent & Planned High-End Apartments

 

  • Ciputra in Tay Ho's Phu Thuong Ward with 9.000 apartments and villas being developed in phases.

 

 

  • The Manor in Tu Liem's My Dinh Ward with 450 apartments and 100 villas.

 

 

  • The Garden (by the Manor's Bitexco), in Tu Liem's My Dinh Ward with 170 apartments.

 

 

  • Chelsea Park in Tu Liem's Trung Kinh Ward by the Hanoi Civil Construction Co & Vietnam Land with 240 apartments.

 

 

  • Golden Westlake at Tay Ho's 151 Thuy Khue by Ha Viet Tung Shing JV with 370 apartments and 16 villas

 

 

 

 

 

Last Updated ( Monday, 16 March 2009 )
 
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