Real estate prices on the rise, despite increase in supply

16:07 | 31/12/2024 Economy Follow Ven.vn on

The supply of new apartments in 2025 is predicted to reach 40,000 units in the two major markets of Hanoi and Ho Chi Minh City, however it will remain difficult to cool down prices, even with a significant increase in supply, said insiders.

Real estate prices on the rise, despite increase in supply. - Illustrative image (Photo: VNA)

Hanoi - The supply of new apartments in 2025 is predicted to reach 40,000 units in the two major markets of Hanoi and Ho Chi Minh City, however it will remain difficult to cool down prices, even with a significant increase in supply, said insiders.

Housing prices will not decrease but no longer rise as rapidly as in the recent past, Duong Thuy Dung, managing director of CBRE Vietnam said, adding that the increase level is expected to range from 5-8% compared to 2024.

According to Dung, the price of apartments continue to rise with no signs of slowing down, as supply, despite some improvements, remains insufficient to meet demand.

Many real estate experts have even predicted that newly built apartments priced under 50 million VND (nearly 1,962 USD) per sq.m in Hanoi will gradually disappear.

Rising investment costs and land prices are continuously escalating, impacting the project development of businesses, and this is said to be the direct cause of increasing housing prices, Dung said.

Sharing the same view, economist Dinh Trong Thinh said the demand for housing, both for living and investment purposes, has surged as various factors have restored customer and investor confidence in the market. The booming demand for housing, coupled with a persistent supply shortage, has driven prices up.

Experts said although the upward trend in apartment prices in Hanoi has slowed, it will be difficult to reduce selling prices in 2025 due to rising land costs.

The primary supply in Hanoi in 2025 is forecast to be the high-end and luxury segments, with the luxury segment accounting for 36%.

Ngo Huu Truong, Deputy CEO of Hung Thinh Land, stated that the application of new land prices based on market prices by localities is also one of reasons behind the higher cost baseline.

The Vietnam Association of Realtors proposed that in addition to continuing to research and apply preferential policies on land and capital for social housing and affordable commercial housing projects, the State should further enhance infrastructure connectivity and scale up urban development based on the transit-oriented development (TOD) model, which is seen as an inevitable trend to address housing challenges for urban residents in Vietnam./.

Source: en.vietnamplus.vn

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