Apartment prices in Hanoi are at least 20 million dong cheaper than Ho Chi Minh City per square meter
According to a report by Dat Xanh Services, the market price of Hanoi apartments was recorded at 45 million VND/m2, an increase of about 5% compared to the previous quarter. The market price of apartments in Ho Chi Minh City was recorded at 64 million VND/m2, an increase of about 9% compared to the previous quarter. Thus, the average apartment price in Hanoi is at least 20 million VND/m2 lower.
Surveying the price of a high-end project in Nga Tu So area, Thanh Xuan district, more than 5 km from Hoan Kiem center shows that high-class apartments are priced at 35-45 million VND/m2. Within a radius of 5 km to the center, many projects in Ho Chi Minh City have increased prices to 75-90 million VND/m2. Meanwhile, in the same segment in District 2, Ho Chi Minh City, some apartments on Hanoi Highway, 10 km from the center are being traded at 40-50 million VND/m2.
In many special areas, apartment prices in Saigon set a record of up to nearly 1 billion VND/m2. The price of 700-800 million VND/m2 in many luxury apartments in Ho Chi Minh City is not difficult to find.
Green Data Source Services.
Mr. Vu Cuong Quyet, CEO of Dat Xanh Mien Bac, added that the price of apartments in Hanoi is currently only 1/3 of those in Ho Chi Minh City. “In Ho Chi Minh City, an apartment in District 7 has been priced at 70-100 million VND/m2. Meanwhile, a similar location in Hanoi is Trung Hoa Nhan Chinh area (about 5km from Hoan Kiem), currently the price of a common apartment. Somewhere, only 35-55 million VND/m2. In District 2 (HCMC), apartment prices have increased to several hundred million/m2, while in Long Bien (Hanoi) the highest apartment prices recorded. only 80 million VND/m2”.
“I think that the trend of increasing apartment prices in Hanoi is similar to that of Ho Chi Minh City when the demand for buying is still large and the supply of apartments is getting scarcer because the central land fund in Hanoi is almost gone. “, Mr. Quyet emphasized.
Assessing the sharp increase in prices in the apartment market from the end of 2021, Mr. Vu Cuong Quyet, CEO of Dat Xanh Mien Bac said that this is an inevitable trend because of the huge supply-demand gap in the market. “Due to legal problems, the number of newly launched projects on the market is now only 1/4-1/5 of previous years, while the demand for housing in big cities like Hanoi and Ho Chi Minh City is always high. Buyers buy a lot while rare goods push up the price of new supply and old apartments.”
Report on the real estate price index of Hanoi and Ho Chi Minh City, recently Property Guru and Batdongsan.com also said that the index of Ho Chi Minh City has continuously increased sharply from 2018 until now. In Ho Chi Minh City, this index has always been at an increase of 26-28% since the fourth quarter of 2019. Meanwhile, the growth rate of Hanoi in this period was only 6-8%. The real estate price index gap between Hanoi and Ho Chi Minh City is always at 10%.
Real estate price index in Hanoi and Ho Chi Minh City
Actual observations in the current market show that many investors, after a period of “farming offshore” are now tending to return to Hanoi. In the context that the apartment segment is experiencing a sharp decline in prices due to high inventories and few tenants due to the Covid epidemic, the housing segment is strongly interested by investors, especially in areas with infrastructure. good
Mr. Nguyen Quoc Anh – Deputy General Director of Property Guru Vietnam commented that the real estate price difference between Ho Chi Minh City and Hanoi is quite far: “This disparity is very evident during the recent Covid-19 epidemic. With the wave of investment shifting from the South to the North of some individual investors, Covid-19 caused a sharp decline in the rental performance of Ho Chi Minh City, especially the group of apartments and townhouses for rent decreased by up to 15-20% has made many investors want to withdraw from the market,” added Mr. Quoc Anh.
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