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Speculators turn to apartments
New apartments in Ha Noi's outlying western districts are starting to sell again, with offer prices rising in the last couple of months by 15 to 20 per cent as speculators have shifted their investments from land to apartments, according to UK property services firm Knight Frank.
Land prices along the Lang-Hoa Lac Highway, by comparison, have risen 50-60 per cent, the firm said, adding that strong demand for apartments and an abundant supply have both contributed to the rising investor interest in apartments.
In the Euroland development in the Europe-Vietnamese Overseas Village in the Mo Lao Urban Area, the price of a 100sq.m apartment has risen to VND1.5 billion ($81,000), while the price of a unit in the U-Silk apartment complex in the Van Khe Urban Area has risen by an average of VND300 million ($16,000) per apartment since the end of last year.
Apartments in the Splendora project along Lang - Hoa Lac highway were being offered at a price of $1,700/sq.m plus a differential of VND200 million ($11,000), making them comparable to other apartments in the area being offered at $2,500-3,000/sq.m, said the deputy director of the TASCO Real Estate Trading Floor, Tong Quang Vinh.
The market has a plentiful supply of units in such projects in the west of Ha Noi as Capital Land Hoang Thanh's Mulberry project, the Viglacera project and Vinaconex's Splendora of project. The Mulberry project has reduced buyer deposit requirements down to 30 per cent payable in three monthly installments.
Lam Vien Investment and Construction Joint Stock Co's Richland Sourthern project in Cau Giay District has also reduced its requirement of an advance buyer deposit from 50 per cent of the purchase price to 20 per cent. It has also waived building management fees for the first two years of occupancy.
Meanwhile, the Pride in Ha Dong District and the Rainbow in the Van Quan Urban Area are under construction, promising to further increase the number of units on the market in the near future.
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