Real Estate Market in Hanoi Shows Signs of Recovery
The real estate market in Hanoi has recently experienced a surge in prices, attracting the attention of many buyers. After a period of inflated prices during the real estate boom from 2021 to 2022, the market faced a slowdown in 2022-2023, leading to a decrease in property values. However, from late 2023 to the present, there has been a noticeable recovery in the market, with an increase in property listings and search activity.
The Rise of Affordable Properties
In particular, properties priced between 2 to 3 billion VND and with a size of less than 30m2 have garnered significant interest. These affordable properties have become increasingly attractive to buyers, signaling a positive trend in the market.
Caption: Affordable properties with prices ranging from 2 to 3 billion VND and sizes below 30m2 are gaining popularity. (Image: Lập Đông)
Continuous Growth in the Housing Segment
According to a year-end report by Batdongsan.com.vn, while other segments of the real estate market in Hanoi are experiencing a slowdown, the housing segment continues to show growth. In particular, private houses located in the inner districts of Hanoi have witnessed a price increase of 2 to 9% compared to the second quarter of 2023. The highest price increase was recorded in Tây Hồ district at 9%, while other districts such as Đống Đa, Hà Đông, Hai Bà Trưng, and Hoàng Mai saw price increases of 4 to 8%.
Not only have prices risen, but the level of interest in the housing segment has also increased by an average of 2-3% compared to the second quarter of 2023.
Stable Market for Inner-City Real Estate
Experts in the field, such as Mr. Đỗ Ngọc Thắng, Regional Sales Director at OneHousing, note that the inner-city real estate market in Hanoi has been relatively stable, unaffected by market trends of growth or decline. This stability can be attributed to the limited availability of land in the city center, coupled with a growing population and various demands for housing, investment, business, and rental purposes. As a result, prices for inner-city properties, including private houses, have remained relatively constant.
Caption: Inner-city real estate has remained stable due to limited land availability and increasing demand. (Image: Lập Đông)
Considerations for Homebuyers
Ms. Đỗ Thu Hằng, Senior Manager of Research at Savills Hanoi, believes that affordable properties are always in demand and sellers in this segment rarely leverage financial tactics. However, buyers should carefully consider legal factors, the potential of the area, and their own financial capabilities before making a purchase.
In summary, the real estate market in Hanoi is showing signs of recovery, with affordable properties garnering significant interest. While prices for inner-city properties have remained stable, buyers should thoroughly evaluate various factors before making a purchase. For more information on the latest business news, visit Business Today.