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Condo prices down in Hanoi, up in Ho Chi Minh City

Condo prices down in Hanoi, up in Ho Chi Minh City

Tuesday, November 09, 2021, 10:08 GMT+7
Condo prices down in Hanoi, up in Ho Chi Minh City
This illustration image shows apartment buildings in Ho Chi Minh City, Vietnam. Photo: L.Q. / Tuoi Tre

Apartment prices declined up to four percent in Hanoi but rose two to five percent in southern localities, including Ho Chi Minh City, in the third quarter of this year compared to the preceding three months, according the Ministry of Construction.

The average condo prices in Hanoi, the central city of Da Nang, and the south-central province of Khanh Hoa dropped two to four percent while they increased two percent in Ho Chi Minh City, and four and five percent in Dong Nai and Ba Ria - Vung Tau Provinces, respectively, the ministry said in a report reviewing Vietnam’s real estate market in the third quarter of 2021.

In urban areas, affordable apartments at VND25-30 million per square meter could not be found as most commercial housing projects did not provide flats at under VND25 million per square meter.

Low-end residences were only seen in a few projects located in suburban areas.

Apartments at the Rose Town project in Hoang Mai District, Hanoi have been offered at VND26 million per square meter, while a Binh Minh Garden apartment in Long Bien District is priced at VND26.3 million per square meter.

In Ho Chi Minh City, flats fetching VND23-30 million per square meter were only found at the HQC Plaza project in Binh Chanh District and the Citi Esto in Thu Duc City.

Meanwhile, realty developers have focused on middle-income homebuyers, launching many products costing VND30-50 million per square meter.

Between July and September, apartments in Hanoi’s Cau Giay and Nam Tu Liem Districts boasted higher prices than in other places of the capital city. 

Similarly, mid-end apartments have become more expensive in District 5 and Thu Duc City of Ho Chi Minh City and in Binh Duong Province’s Di An City.   

In Hanoi, the Mipec Rubic 360 project has offered mid-end apartments at VND40 million per square meter while a unit costs VND36-40 million per square meter at the Zei My Dinh and Golden Park Tower developments.

High-end apartments, offered at over VND50 million per square meter, in Hanoi and Ho Chi Minh City are often located at prime locations.

The rates can amount to VND135 million per square meter at the D’. Palais De Louis project in Cau Giay District and VND250 million per square meter at the Moonlight Centre Point in Binh Tan District, Ho Chi Minh City.        

The third quarter saw prices of townhouses almost unchanged compared to the previous three months, except for a few projects offering slightly higher prices.

Both Hanoi and Ho Chi Minh City reported no new townhouse projects in the third quarter.

Meanwhile, the prices of land lots were unchanged from the previous quarter in general.

Land prices remained expensive in northern Vietnam, including Hanoi, but declined in some localities of the southern region, including Ho Chi Minh City, by five to seven percent from May.

Rents for grade-A offices have stayed the same during the past quarter while those of grades B and C decreased slightly as their owners wanted to retain tenants, many of whom had returned their leased spaces due to the impacts of the COVID-19 pandemic.

In Hanoi, grade-A and -B offices were offered at US$26.9 and $14 per square meter per month, respectively.

In Ho Chi Minh City, the corresponding rates were higher, at $41.7 and $25.1.

At shopping centers, many retailers have returned their rented spaces due to COVID-19 disruptions, prompting their landlords to lower rates by five to 10 percent for booths on the first floors and by two to three percent for the other floors compared to those before the pandemic.

($1 = VND23,000)

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Vinh Tho / Tuoi Tre News

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