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Ha Noi flats continue to drop in price

Update: April, 07/2012 - 08:58

HA NOI — Apartments for sale in Ha Noi continued to decline in volume and value for the first quarter this year, Savills Viet Nam Ltd has said.

A Savills Viet Nam report released on Thursday stated asking prices ranged from VND19 million (US$680) to VND64 million ($3,100) per square metre and the absorption rate had declined by 5 per cent to 7 per cent against the previous quarter.

Grade A continued to have the lowest absorption rate at 2 per cent, almost unchanged for three recent quarters. Grade C had the highest absorption rate at 11 per cent, decreasing 7 percentage points, followed by Grade B at 3 per cent, decreasing 9 percentage points against previous quarter.

Regarding the secondary market, the average secondary asking price decreased in most districts due to low liquidity since the second half of last year. Long Bien and Gia Lam had slight increases in secondary asking prices, which may be due to the opening of two large-scale shopping centres late last year, especially the opening of Big C in Long Bien District.

Savills Viet Nam said low-end and mid-range units were key products of the apartment market. Secondary units were preferred to primary ones due to secondary prices in most active projects being lower than the primary prices, with the difference ranging from 3 per cent to 32 per cent. Completed buildings, which were ready for living, attract more attention from buyers.

Meanwhile, during the first quarter, three projects entered the market with a total of 580 units. The total primary stock was approximately 9,800 units from 34 active projects, decreasing 4 per cent against the previous quarter.

The secondary stock had more than 56,000 units, increasing 2 per cent against the previous quarter. Western districts, namely Tu Liem, Ha Dong and Cau Giay, represent 53 per cent of total secondary stock.

The company expected 63 projects would come online in the next three years, of which 52 identified projects would provide around 45,600 units for the Ha Noi market. — VNS

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