Old social housing in Hanoi is priced at nearly 50 million VND/m2

Social housing prices are rising

Recent Dan Tri reporter’s survey on many buying and selling channels real estate showsprice social housing is on the rise. In particular, there are apartments that have been in use for 5-7 years but have a selling price of up to 50 million VND /m2, some units increased 2-3 times compared to the purchase price.

For example, at the social housing area in Rice City Linh Dam in Hoang Liet ward, Hoang Mai district, at the time of opening, the price was 15 million VND/m2. . Currently, the price of apartments in this social housing area is being offered for sale at 43-49 million VND/m2, 3 times higher than the starting price, equal to the price of the mid-range apartment segment.

Similar to the apartment in project Dong Mo Dai Kim social housing (Dai Kim Building) located in Dai Kim ward, Hoang Mai district, has been handed over to residents for nearly 6 years and is now for sale. at a price of 38-42 million VND/m2. The initial price here is nearly 15 million VND/m2.

Also in Hoang Mai district, social housing @Homes Tam Trinh in Yen So ward recorded an average increase of 150-120 million VND compared to the end of 2023. For example, a 55m2 apartment in social housing This house is being sold for 238 billion VND, equivalent to nearly 44 million VND/m2.

At Rice City social housing in Long Bien45231, the asking price of a 2-bedroom apartment is at 2453232 billion VND/unit. Up to now, after 4 months, the asking price of this social housing apartment has also increased to 2,453,254 billion VND/unit.

In Nam Tu Liem district, many apartments at NHS Phuong Canh social housing are being sold for 32 -38 million VND/m2. For example, a 65m2 apartment in this social housing is being sold for 25 billion VND, equivalent to 38 million VND/m2.

Lack of affordable housing supply

Previously, the Ministry of Construction said that in 2023, apartment prices in Hanoi and Ho Chi Minh City will continue to tend to increase, especially in central areas. In the market, there are almost no projects in the affordable apartment segment under 25 million VND/m2, but mainly the mid-end apartment segment with prices from 25-50 million VND/m2 that are eligible for capital mobilization and transactions.

Research data from the Vietnam Association of Real Estate Brokers (VARS) shows that the apartment price index in Hanoi and Ho Chi Minh City in 2023 will increase. Strong growth compared to 2019 (before the Covid-19 epidemic) was 38% and 16% respectively.

Specifically, apartment prices in Hanoi recorded a continuous increase across the market. primary and secondary. In Ho Chi Minh City, the price decline in high-end luxury projects on the secondary market has slowed down and the primary market has begun to enter a cycle of increasing again.

According to recent research by a unit real estate The average asking price of apartments in Hanoi in the first 2 months of this year increased by 17% compared to the same period in 2023. In fact, many buyers and real estate brokers also commented that apartment prices in Hanoi are escalating. . Many projects have price increases of over 20% after just 1 year.

Real estate experts assess that the rapid increase in apartment prices in Hanoi is due to the scarcity of supply in the market. school has lasted for many years. There are very few new projects launching while the demand for buying apartments to live in is very high. Even the social housing segment – considered a market savior to help reduce apartment prices – has been slow to be implemented.

Mr. Nguyen Van Dinh – Chairman of Vietnam Real Estate Brokers Association – It is forecasted that this year, primary apartment selling prices will continue to increase by an average of about 3-8%. The reason is that short-term supply has not yet been resolved. The number of newly licensed commercial housing projects is decreasing, especially in the affordable and mid-range segment.

According to Mr. Matthew Powell – Director of Savills Hanoi – the story of the market is still the need to meet real housing needs. When looking at the overall demand, the current demand comes from the mid-range or affordable segment with the main customers being young families who move to the city to work and want to find a place to settle long term.</ p>

Everything needs to come from actual needs and the target market where design quality and utility are the top factors of concern.