Apartment absorption positive in Hanoi, low in HCM City during Q1
Apartment absorption was relatively positive in Hanoi in the first quarter but weaker in Ho Chi Minh City compared to the same period last year while supply remains limited in both metropolises, reported real estate services and investment company CBRE.
Hanoi (VNA) – Apartmentabsorption was relatively positive in Hanoi in the first quarter but weaker inHo Chi Minh City compared to the same period last year while supply remainslimited in both metropolises, reported real estate services and investmentcompany CBRE.
New apartment supply in Hanoi and HCMCity improved during the last quarter in comparison with the same period of2023 but is yet to fully recover, General Director of CBRE Vietnam Dang PhuongHang told a press meeting on April 9.
Housing supply remains limited inboth key markets since the beginning of this year.
The majority of new supply in Hanoicame from high-end apartment projects in western areas. Over 2,300 apartmentsand 30 units of low-rise housing were opened for sale in Q1. The number of new apartmentsfor sale in the capital city increased 11% from a year earlier but was stilllower than the 3,000 - 4,000 units for sale recorded in Q1 of 2021 and 2022.
InHCM City, only about 500 apartments were offered to the market during the firstthree months, and most of them came from following phases of the projectsalready opened for sale in 2023. This is the lowest quarterly figure in about15 years and equivalent to only 17% of the number seen in Q1 last year,according to CBRE.
Nguyen Hoai An, Senior Director forthe research and consulting division at CBRE Vietnam, pointed out positive apartmentabsorption in Hanoi though most of the new supply opened for sale in the laterpart of Q1. More than 2,000 apartments were sold during January - March,equivalent to the same period last year.
Meanwhile, limited supply ofapartments led to lower absorption in HCM City compared to a year earlier aswell as the previous quarter. Over 600 apartments were sold in this city duringQ1, dropping 74% from Q4 of 2023.
CBRE forecast Hanoi will record over12,000 apartments opened for sale in 2024, rising nearly 20% from last year. Asmost of the new supply will come from the high-end segment, primary prices are likelyto stay high or grow 10% on the yearly basis.
Supply in HCM City is predicted to remain low this year with only more than 8,000apartments while primary prices may go up about 3% from 2023, CBRE forecast./.
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Participants at the press meeting. (Photo: VNA) 
