Hanoi Apartment for Sale Market Q2 2021

Developers held off new launches amid the fourth wave of the pandemic

The new official supply added 2,067 units to total stock in 2Q21, registering a significant drop of 43.3% q-o-q. With the pandemic resurgence induced public gathering restrictions delaying grand launch events, limited new projects were launched for sale in 2Q21. Instead, developers focused on their existing projects and continuity in offloading the unsold inventory. Notably, The Metroline Sakura Phase in Vinhomes Smart City was the only highlight in the quarter, supplying 703 first-hand units to the market.

Homebuyers favour fairly priced units in township projects

In tandem with limited new supply, homes sale fell by 14.9% q-o-q, bringing the total take-up to 2,726 apartments. Among sales, 44% was generated in suburban district Nam Tu Liem, followed by emerging Gia Lam District with 18% market share. Cau Giay District also drew buyer attention as it occupied a 12% proportion of the sale. 

The cumulative sale rate remained high at over 90% for the past five years, showing a solid demand on the market. On a project basis, the performance of properties located in township projects with established developers and a comprehensive range of facilities surpassed those of smaller scale development. Keen interest was observed in smaller units with better affordability.

Price mostly flat quarter on quarter

The average primary price largely remained unchanged in 2Q21 at USD 1,560 per sqm. Developers tend to increase the price but offset with steep discounts and lucrative payment schemes rather than lower quotations. Meanwhile, the secondary market also saw 2.2% q-o-q growth, driven by more luxury units entering the secondary basket.