The price of newly opened apartments for sale increased sharply, buyers turned to look for old apartments
The price of primary apartments increased sharply
The dream of buying a house for middle-income people – quite is becoming more and more distant when apartment prices show no signs of stopping.
In 2019, the price of apartments in buildings S1, S2 of Vinhomes Smart City is open for sale with prices from 29-32 million VND/m2. In 2021, the S4 building in this urban area is offered to the market for more than 40 million VND/m2, even some apartments record prices up to 46 million VND/m2. At the end of March 2022, The Tonkin subdivision belongs to Vinhomes Smart City, with a market price of about 53-58 million VND/m2. Compared to the time of launching the first apartment building, the price of apartments in Vinhomes Smart City project has increased significantly.
The Harmony Square project in Nguyen Tuan is also being offered to the market at a price of 44-46 million VND/m2.
Zen Tower of Feliz Homes project (Hoang Mai, Hanoi) has just been offered to the market in April 2022 at a price of about 45 million VND/m2. Previously, the tower of these projects was only about 35 million VND/m2.
According to the Vietnam Real Estate Brokers Association, in Hanoi, apartment prices are trending up. Housing supply is scarce due to the slow speed of project approval.
Meanwhile, the Ministry of Construction said that the prices of apartments in localities tend to increase, the average increase rate is about 3% compared to 2021. In Hanoi, apartment prices increase by 4-5% compared to the end of 2021. Also according to the Ministry of Construction, commercial housing projects in the central areas of urban areas have almost no apartments with prices below 25 million VND/m2. Apartments with this price are only available in a few projects in remote areas such as districts in Hanoi.
The price of apartments will show no sign of stopping when experts say that there are too many factors affecting the price index to increase.
Ms. Duong Thuy Dung, Senior Director of CBRE, estimates that the price of apartments will increase by about 3%-7%, depending on the segment, in 2022. In the high-end and luxury segments, the price may increase by about 5%- 7%; the affordable and mid-end segments can increase by about 3% -5%. Along with that, the supply-demand mismatch in the next 2 years will continue.
Buyers redirect to find old apartments
The continuous increase in apartment prices further prolongs the dream of owning a peaceful and professional place for young people who are choosing to live in Hanoi.
Acknowledging that owning a new apartment will have great advantages in accessing bank loans as well as incentives from investors, but some young people in Hanoi think that the financial level is too large for them to receive. difficult to cope with the problem of monthly payment of principal and interest.
Pham Sam (Nam Tu Liem) said, if you buy a new 3-bedroom apartment in Vinhomes Smart City, the average price is 4 billion VND. Although the bank lends up to 80% and disburses according to the schedule, the initial amount that the buyer has to spend is about 1 billion VND. Not to mention, the pressure to pay interest debt for the amount of 3 billion is very great. That is the reason that Ms. Sam switched to buying the apartment that has been handed over. According to Ms. Sam, the price of the apartment that has been handed over has almost not increased and it is even possible to find a cheaper apartment with the selling price of the previous investor. For example, a 3-bedroom apartment in building S1 only has a price range of 2.6-2.8 billion VND.
“The downside is that the apartment that has been handed over for 1 year will need to be repaired. But, the financial level is comfortable and most importantly, the buyer can still use all the utilities in the urban area”, Ms. Sam said.
Similar to Ms. Sam’s situation, in February 2022, Mr. Nam (Hoai Duc) chose a 7-year-old used apartment on Le Trong Tan street for 1.5 billion VND. Accepting that the apartment was somewhat degraded, with few utilities, but with tight finances, Nam and his wife only dared to choose this type of apartment. According to Mr. Nam, the used apartments, although the general price is not too high, ranging from 1.3-1.9 billion VND/unit depending on the area. However, compared to the price 1-2 years ago, the price of used apartments has also increased by an average of 50-250 million VND/unit because the need to buy a house with a financial range of less than 2 billion VND is still very large.
According to experts, with inflation likely to increase, input prices rising, apartment prices will increase in the near future. When a newly opened project has a high price, the demand will focus on used projects. Large demand, limited supply, unintentionally pushed the price level of the apartment segment to continue to increase sharply.
at Blogtuan.info – Source: cafebiz.vn – Read the original article here
