Apartment prices in big cities stay high despite market stagnation
Despite signs of transaction stagnation, apartment prices in several areas of some big cities like Hanoi and Ho Chi Minh City still increased during the second quarter of 2023, said the Ministry of Construction (MoC).
In Hanoi, although apartment prices were already high, they still went up compared to Q1. The projects with the strongest price hikes are located in Tay Ho district and nearby areas, where very few new apartment blocks were put up for sale. Their prices stood at around VND80 - 100 million (US$3,400 - 4,200) per square metre.
The projects on such streets as Pham Van Dong, Nguyen Van Huyen, Vo Chi Cong, and Lac Long Quan also recorded price surges, by about 1 - 3% from Q1.
However, prices decreased in some projects of the mid-end segment that have been put into use for many years such as CT4 Vimeco II in Cau Giay district down 1.4%, and Imperial Plaza in Thanh Xuan district down 1.9%.
In HCM City, new projects offered for sale in Q2 were mainly those under construction and with sufficient legal papers, leading to a quarter-to-quarter increase of 2 - 3% in apartment prices at some projects despite a stagnation in the market.
In contrast, prices fell in some other projects which have competitive prices offered by investors.
Across the nationwide market, apartments in the affordable segment, under VND25 million per square metre, saw almost unchanged prices and no new projects were launched in Q2, according the MoC survey.