The supply of luxury apartments in central Hanoi is becoming increasingly scarce, pushing starting prices to new highs.
High demand and limited supply drive transactions in major urban areas despite soaring costs.
The apartment market in Hanoi shows no signs of slowing down as prices continue to soar, with industry experts projecting further escalation until hitting the affordability threshold for prospective buyers.
Park Kiara, first residential condominium in ParkCity Hanoi, comprises of two towers of 31-storey each with 432 units.
From 2020 onwards, foreign developers including Sumitomo, CapitaLand and Mitsubishi Corporation will enter, expected to contribute to a new modern city in the future.
The Class A apartment segment in Hanoi recorded a strong boom last year with the liquidity tripled year on year while the supply was exhausted.
According to a dwelling research just launched by Savills, one of the largest property consultancy firm in Vietnam, in Q2 2017, there was a 67 per cent year-over-year (YoY) increase in sales to 11,600 units in Ho Chi Minh City whilst in Hanoi it was 13 per cent to 6,800 units.
On the report of Hanoi Fire Fighting and Prevention Police, until May 31st, 2017, there still remained 79 high-rise apartment blocks failing to meet fire-safety standards in Hanoi.
Nearly 80 apartment buildings in Hanoi violate fire safety regulations according to the Hanoi Fire Prevention and Fighting Police Department.
