Real estate prices continuously increase, people massively switch to buying old houses
Apartment prices keep going up
According to CBRE’s statistics in the first quarter of 2022, there were about 3,500 new apartments for sale in Hanoi. This is down 39% QoQ and 20% YoY due to disruptions from the Tet holiday and the new COVID-19 outbreak.
The majority came from the subsequent sales of projects that have been launched for sale (6 projects) and only 2 projects opened for sale for the first time. By segment, mid-end apartments remained the most popular product in the market, accounting for 66% of total new supply in the quarter. In terms of location, the West is the area that contributes the most new supply with 53% of the total number of new launches.
The East region ranked second in terms of the proportion of new supply, with 42%. Sales continued to outpace new supply with 4,200 units. In which, the mid-end segment accounted for the highest proportion with 71% of total sales in the quarter.
The selling price on the primary market in the first quarter of 2022 was recorded at an average of USD 1,655/m2 (excluding VAT and maintenance fees), up 13% YoY and 4% QoQ. The mid-end segment recorded the strongest growth year-on-year, at 16% due to the upgrading of the positioning of urban projects.
Tay Ho district recorded a new high price when a luxury project in a prime location opened for sale this quarter. On the secondary market, the average selling price was $1,278/m2, up 9% over the same period last year – the highest increase in the past 5 years due to limited new supply, especially in areas located in the region. ring road 3. High-end projects in central districts such as Hai Ba Trung, Ba Dinh, Dong Da and Tay Ho recorded price increases higher than the market average, at a threshold of 10% or more according to five.
Forecasting the prospects of the apartment market in the near future, Ms. Duong Thuy Dung, Head of Valuation, Market Research and Development Consulting Department of CBRE said, the new open-sale supply is expected to increase sharply. in 2022, reaching about 26,000 – 28,000 apartments in Hanoi. The scarcity of affordable products is forecasted to continue as the infrastructure connection to further suburban areas beyond the Ring Road 4 will take a long time to complete.
As market sentiment remains positive, sales are forecast to reach 90% or higher of total new launches and primary prices will increase by 5-8% in 2022. Even so, the Market movements at the end of this year will depend on changes in macroeconomic conditions in the face of concerns about rising prices and inflationary pressures.
Buyers redirect the old apartment
Mr. Nguyen Tap (from Hai Duong) said that after nearly a year of unsuccessfully looking to buy a new apartment, he and his wife changed their direction to buy a used apartment to fit their budget.
According to Mr. Tap, after 5 years of marriage, his family now has 1 baby girl, so owning a house in Hanoi is necessary. After putting all the savings of the couple and being supported by the family, the total amount in hand is 1.6 billion dong.
However, after researching Mr. Xi, he found that real estate prices are constantly increasing, with 1.6 billion VND if buying a new apartment in Ha Dong area with an area of about 50 – 60m2, which is not suitable for customers. his family. As for the larger area, often priced from over 2 billion VND, if choosing these apartments, his family has to borrow more banks.
After a period of searching, Mr. Xi was introduced to a used apartment on To Huu Street by a broker at the price of 1.8 billion VND, with an area of 81m2, including 2 bedrooms, a living room and a living room. 2 restrooms.
According to the broker’s recommendation, this apartment was previously bought by investors to rent, but the epidemic made the rental situation difficult, so it was sold. Mr. Xi feels satisfied because the apartment and equipment in the house are still very new. Therefore, his family decided to buy because he could save a large amount of money to make furniture.
Similarly, with the family of Mr. Truong and Ms. Thu – both office workers in Hanoi, said that his family also took a long time but could not find a suitable new apartment, also due to financial reasons.
“We have accumulated about 1.2 billion VND, if buying an old apartment, my family only needs to borrow 200-300 million VND. But if I buy a new apartment, I may have to borrow billions, I don’t know how much Only now can I pay off the debt,” Truong said.
After a while of searching, Mr. Truong bought an old apartment in Hoai Duc (Hanoi) for 1.6 billion VND, with an area of 75m2, including 2 bedrooms, 2 bathrooms and 1 room. guest.
According to research, Mr. Truong learned that the old owner sold the apartment because they wanted to buy another area with a convenient location and larger area.
This man said: “In fact, buying a used apartment with a small amount of money is very reasonable. Because, with a small amount of money, I can own a large apartment. Moreover, the If the project does not make any mistakes, the old apartment will be issued with a red book, so you can be assured of legal issues.”
In addition, Mr. Truong said that for old apartments, if the furniture is still in good use, buyers can save an extra amount. While buying a new apartment, the price is already high, you still have to spend a large amount of money to complete the interior and buy home equipment. Therefore, although he had to borrow another 250 million VND, he was still very satisfied.
at Blogtuan.info – Source: cafebiz.vn – Read the original article here
