Around 26,000 apartment units are expected to be launched in Hanoi in 2022, signaling a vibrant outlook for the segment, according to real estate service provider Cushman & Wakefield (C&W) Vietnam.
A survey by C&W Vietnam revealed that the launch of luxurious apartment project The Grand Hanoi at the end of last year, which were sold out in the first offering, has established a new height for the segment’s prices in the capital city.
A number of prestigious developers in the south, such as Masterise Homes, Phu Long and Hung Thinh, have entered Hanoi’s property market recently. The move is expected to set the scene for the launch of more high-quality units and raise the average price of the market.
Statistics show that Hanoi’s Gross Regional Domestic Product (GRDP) grew by 2.92 percent in 2021, lower than 4.18 percent of the previous year, as a consequence of the severe COVID-19 outbreaks.
However, FDI flows into the city rose by 10.6 percent to 1.5 billion USD. Additionally, several key transport projects of the city have been completed, notably the Cat Linh – Ha Dong urban railway and the intersection of Ring Road No.3 and Hanoi-Hai Phong Expressway.
These factors are likely to help the city’s real estate market gain greater growth momentum in 2022 and the following years, according to C&W Vietnam.
In the final quarter of 2021, the average price of the class-A units stood at 137.3 million VND (or 5,927 USD) per sq.m, doubling that of the previous quarter and the same period last year. The prices of the class-B ones averaged 39.5 million VND (or 1,706 USD) per sq.m, up 4 percent quarter-on-quarter and 14 percent year-on-year. That of the class-C units edged up 11 percent quarter-on-quarter and 16 percent year-on-year to 25.8 million VND (or 1,112 USD) per sq.m./.