Hanoi apartment prices are inflated, buyers give up the idea of ​​”having to buy immediately”

Abandoned the idea of ​​buying

Stunned by the continuous increase in apartment prices in Hanoi, many people have changed their mind about buying now. Instead, buyers expect a supply of low-cost housing in the near future or shift to looking for a house farther from the center.

Mr. Nguyen Van Binh lives in Hoang Mai district, Hanoi city said that from the beginning of this year, he had intended to buy an apartment in the Linh Dam area or near Phap Van. However, apartment prices increased rapidly, surpassing family’s finances.

“My available money is only over 1 billion VND, but if I buy at this time a 2-bedroom apartment in a shared house Housing in the Linh Dam area also fluctuates over 25 billion VND,” Mr. Binh shared and determined that he could not buy an apartment due to insufficient finances and worries about having to borrow too much from the bank.

Hanoi apartment prices are inflated, buyers give up the idea of ​​"having to buy immediately"

Sharing more about his plans to buy a house, Binh said he is looking for apartments in some apartment buildings in Thanh Tri district. “The price of apartments in Thanh Tri district may be lower than 5-10 million VND/m2, but for 2-bedroom apartments, the price still fluctuates over 2 billion VND,” Mr. Binh shared and said that this price is still higher than the financial price. of the existing family.

Not only looking for a location farther from the center with the expectation of lower house prices, many people agree to stop working completely buy a house at this time. They are waiting to buy houses from social housing projects that will be built in the near future.

“I see that apartment prices are inflated. If I buy them for residential purposes, I don’t think it’s suitable.” I hope there will be many projects social housing will be deployed in the near future at reasonable prices that will be suitable for average incomes peaceful like my family” Ms. Nguyen Thi Hien, living in Cau Giay district, shared.

Demand to buy houses towards the suburbs

According to reviews According to many real estate experts, the imbalance between supply and demand in the apartment segment continues to exist. The market continues to record a shortage of products under 30 million VND/m2. These products only account for 4% of new supply and have been sold out.

Ms. Do Thu Hang, Senior Director of the Department Consulting and Research Savills Hanoi believes that in the face of escalating price developments, some projects have had their prices pushed beyond their actual value. Buyers need to carefully consider the use value and reasonableness of the project.</ p>

“In general, if prices continue to increase, buyers will consider their financial problems. While real housing needs still account for the main proportion, if prices continue to rise, buyers can consider and choose the rental option. inner-city apartments or accept shifting demand to supply in provinces neighboring Hanoi at reasonable prices” said Ms. Hang.

Hanoi apartment prices are inflated, buyers give up the idea of ​​"having to buy immediately"

Advice to real home buyers is to choose supply sources in neighboring localities such as Hung Yen or Bac Ninh, belt 4 or ring 35 thanks to infrastructure development. Infrastructure development will pull suburban areas “closer” to the city center, reducing travel time.

“In neighboring provinces or main suburban areas Investors can access land at lower costs, creating a more affordable housing supply,” Ms. Hang shared.

In addition, products in neighboring provinces will increasingly meet Hanoi’s housing needs. Hung Yen and Bac Ninh will provide about 203,000 apartments from 2024 to 2026.

“The revised laws are expected to create conditions for the real estate market to develop and bring improvements There will be a certain improvement in supply. From 2025 onwards, the market will have about 84,400 apartments from 101 projects open for sale,” she said.