The apartment sector in the Vietnamese city of Hanoi continued to experience high sales volumes during the first three months of the year, according to Savills in its Market Briefs research report, published today.
Total primary stock stood at 16,270 units, increasing 1 percent Q-o-Q and 26 percent Y-o-Y. There were 17 existing and eight new projects, providing 6,620 units, decreasing by 18 percent Q-o-Q.
Savills reported there were more than 5,600 units sold, a decrease of 13 percent Q-o-Q but unchanged Y-o-Y. The absorption rate decreased 6 ppts Q-o-Q to 34 percent.
Tu Liem district continued to record the greatest sales with a 24 percent market share. Grade ‘B’ still lead the market with more than a 66 percent share. According to SBV, banks stopped signing new credit contracts from March 31 for all customers of the VND 30 trillion stimulus package
In the villa and townhouse sector it was the latter that dominated sales. Total stock of the villa/townhouse segment was 31,712 dwellings (1,662 primary and 30,050 secondary) from 124 projects, up 1.9 percent Q-o-Q and 5.6 percent Y-o-Y.
Ha Dong district remained the top supplier with a 27 percent market share. Two new projects and a new launch of an existing project provided 326 dwellings (100 villas and 226 townhouses).
The average secondary price of villas was down 0.8 percent Q-o-Q and 2.5 percent Y-o-Y while that of townhouses was up 1.3 percent Q-o-Q and 2.9 percent Y-o-Y.
In quarter absorption dropped 13 ppts to 10 percent. A total of 76 percent of dwellings sold were townhouses. In the primary market, 62 percent of townhouses had a plot area below 100 sqm, while 64 percent of villas had a plot area below 300 sqm.
Seven-level shop houses, the tallest ever recorded, were introduced by a new project in Ha Dong district.
More than half of 80+ known future projects are in the planning stage. In 2016 10-plus projects are expected to enter the market.
Image: By Jean-Pierre Dalbéra published under license from Wikicommons.
