No big changes in Hanoi’s apartment market in 2021: Savills
Hanoi is unlikely to see any major changes in its apartment market this year or experience the short supply as seen in HCM City, Director of Savills Hanoi Matthew Powell has said.
Hanoi (VNA) - Hanoi is unlikely to see any major changes in its apartmentmarket this year or experience the short supply as seen in HCM City, Director ofSavills Hanoi Matthew Powell has said.
Positivechanges have been seen in the quality of various projects, he said, citing themid-range apartment segment as an example.
Infrastructuredevelopment plays a vital role in unleashing supply as it paves the way for theexpansion of new projects to neighbouring cities and districts, he noted.
He doesn’tforesee any bubbles in Hanoi’s apartment market this year since the economy is backon the track with demand remaining strong and prices under control.
Hanoi’sinfrastructure improved significantly last year. Several new apartmentbuildings near newly-upgraded or nearly-completed infrastructure projectswill fetch relatively higher prices than the market average.
From adifferent perspective, Do Thu Hang, Senior Director at Savills Hanoi’s AdvisoryServices, said prices of high-end apartments in the capital are relativelylower than those in its regional peers. Prices depend, however, not only oninput costs such as land, infrastructure development, landscapes, and construction,but also supply and demand, she added.
A stableand sustainable real estate market is essential to economic growth, shecontinued, and once Vietnam’s economy grows strongly, income per capitaincreases, and the market offers a more diverse range of housing products, therewill be greater opportunities for buyers to secure a home./.
A recent survey by Savills found that gap of property prices are narrowing between urban and surrounding areas as more facilities are offered to compensate for outer locations.
Hanoi’s condominium supply volume and sales are expected to improve in 2021, with between 24,000 and 26,000 units to be put on the market, CBRE Vietnam said at a January 7 event to announced its Q4 2020 quarterly report.
The building materials market is forecast to be robust this year, with the demand fuelled by the increase in infrastructure development investment and the recovery of the property market, according to the Ministry of Construction.
While 2020 is believed to have changed the real estate industry, trends in the sector this year are forecast to sustain or be aligned with demand in the market.
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Illustrative image (Photo: VNA) 
