Hanoi house prices increase sharply while tightening credit, loose liquidity

Recently, there have been many reports that house prices have plummeted due to tight real estate credit. However, statistics from Tan Long Land - Real Estate Agent shows that the selling price of apartments in Hanoi and Ho Chi Minh City has not shown any signs of cooling down. The rate of increase in apartment prices in Hanoi is much stronger than in Ho Chi Minh City.

Specifically, according to the statistical data of Tan Long Land the first 10 months of the year, the selling price of apartments increased from 3 to 17% in Hanoi and from 3 to 7% in Ho Chi Minh City, depending on the segment. Here is information about Hanoi house prices increase sharply while tightening credit.

Housing market increases in price nowadays - Hanoi house prices increase

In particular, high-end apartments lead in price growth in both Hanoi and Ho Chi Minh City, increasing 17% and 7% respectively over the same period in 2021.

Meanwhile, apartment buyers in Hanoi are still looking for affordable products. This segment has the lowest price growth rate in the Hanoi apartment market (only 3%) so it also attracts the highest increase in interest (20%). And the level of interest in medium and high-end apartments increased by only 12%. However, the supply of affordable apartments is limited, so buyers do not have many options. The number of listings for affordable apartments increased by only 6% in the past 10 months compared to the same period last year, completely inferior to the increase of 14-17% of the mid-and high-end segments.

According to statistics in the real estate market, houses for sale, street houses, villas, and apartments are the types that recorded the strongest increase in search demand, at 21%, 13%, and 11% respectively. Interest in single-family homes and land plots for sale is almost unchanged, but interest in project land has dropped 13% in the past 10 months compared to the same period last year.

 For the rental market, interest increased sharply in all types of real estate, especially offices for rent (up 181%) and townhouses for rent (up 127%). However, the number of listings (partially representing the supply) of some essential rental properties such as apartments, motels, and shops, decreased significantly, from 14 to 20% over the same period last year. 2021.

According to experts of Tan Long Land, the growth trend of housing interest in the first 10 months of 2022 shows the recovery of the real estate market after the period of negative impact from Covid-19. However, this number is still quite modest compared to the same period in 2019.

Besides, although the demand for real estate in the first 10 months of the year increased, it mainly increased in the first half of the year when there were some local land fevers and tended to decrease in the third quarter of 2022.

Market liquidity is affected by credit control policy, supply shortage, and interest rate fluctuations. However, the heaviest decline mainly fell on land plots and luxury apartments. Some types of real estate that meet safety criteria, serve real needs and have the ability to exploit commercial value still receive attention.

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