From 2020 onwards, foreign developers including Sumitomo, CapitaLand and Mitsubishi Corporation will enter, expected to contribute to a new modern city in the future.
Approximately 15,800 units from 10 existing and future projects would enter in the last quarter of 2019, according to associate director of research at Savills Hanoi Do Thi Thu Hang.
Future supply will spread from urban areas to rural districts, with Gia Lam and Dong Anh supplying a combined 30 per cent share.
From 2020 onwards, foreign developers including Sumitomo, CapitaLand and Mitsubishi Corporation will enter Hanoi's real estate market.
Hang said that momentum is derived from golden demographics and a positive economic outlook. Hanoi’s population has grown 2.2 per cent over the last decade, Vietnam’s high-net-worth individuaIs population is expected to grow at 10 per cent for 2018 - 2023, ranking fourth worldwide. The country is also expected to sustain growth rates of seven per cent in 2020s with a surge in GDP per capita reaching $10,400 in 2030.
Last quarter, 11 new and the next phases of nine projects provided approximately 8,100 apartment units, 23 per cent higher than the preevious quarter.
Primary supply decreased 5 per cent compared to the second quater but 8 per cent higher than the same period of last year, reaching 29,700 units. Grade B remains the largest supplier, accounting for 67 per cent share. Gia Lam and Long Bien districts led sales.
Primary price improved with a market-wide growth of one per cent compared to the previous quarter and three per cent compared to last year. Grade A achieved the highest increase mostly due to high prices of newly launched projects.
Despite 1 per cent lower in sales than the previous quarter, the number of apartments sold in the last three months is 50 per cent higher than the same period of last year.
Eastern districts including Gia Lam and Long Bien had the highest sales with 40 per cent share.
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