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Hanoi to have additional 45,000 apartments in next 3yrs
Hanoi will have additional 45,000 apartments from 52 projects in the next three years, according to the latest report of Savills Vietnam on April 5.
Meanwhile, according to previous statistics of CBRE, Hanoi currently has about 16,500 unsold flats in 2011. So, a supply of up to 61,500 apartments in the next 3 years will be a considerable pressure on Hanoi’s real estate market. This supply is forecasted to be very difficult to sell out.
Savills Vietnam’s report also showed that in early months of 2012, Hanoi’s real estate market has seen the lowest consumption rate ever.
Flats of middle segment in Q1 this year saw the strongest discount of 9% compared to Q4/2011. Luxury apartment segment posted the record low trading rate at with only 2%.
The absorption rate of the middle segment (Class B) was only at 3%, down 9 percentage points from the previous quarter. High-class apartment segment (Class A) reached only 2% and this segment had almost no change compared to previous three quarters. Generally, the overall market absorption rate reached only 7%, down 5 percentage points compared to Q4/2011.
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