Luxury apartment prices soar in Hanoi amid supply shortage
The supply of luxury apartments in central Hanoi is becoming increasingly scarce, pushing starting prices to new highs.
The Novaland Real Estate Centre in Hanoi will be a hub for Northern investors to get update on Novaland’s latest products as well as enjoy its top-notch customer services.
As part of Novaland’s 27th anniversary, the group has officially opened the Novaland Real Estate Centre in Hanoi, situated on 63 - 65 Ngo Thi Nham Street in Hai Ba Trung District.
The very centre is a place to help customers conveniently access ‘all-in-one’ support services from Novaland such as after-sales service, rental-transfer service and so on.
Within the context of its birthday celebration, Novaland also introduced the ‘Gold Promotion Programme’ with gifts valued up to 27 gold taels and many other attractive offers.
In particular, from now until the end of September, customers in the northern region will be entitled to doubling the Gold Promotion Programme where the prize will now go up to 54 gold taels.
The programme is applied in conjunction with the current promotion programmes available at all projects being introduced in the market at present. They include the Grand Manhattan luxury apartment complex (District 1, Ho Chi Minh City), the Aqua City (Dong Nai), the NovaBeach Cam Ranh Resort & Villas (Khanh Hoa), the NovaWorld Phan Thiet (Binh Thuan), and the NovaWorld Ho Tram (Ba Ria-Vung Tau).
On the journey of over 25 years of establishment and development, Novaland now owns a portfolio of more than 40 housing projects in key locations of Ho Chi Minh City with a variety of products including apartments, villas, shophouses and offices.
As part of its development strategy for the period of 2019 - 2023, Novaland will continue focusing on its key business of real estate investment and development in the high-middle segment.
The total accumulated land bank currently being exploited and developed that Novaland owns has added up to about 4,300 hectares, which will be utilised for three key product lines. They are central properties in Ho Chi Minh City, satellite city properties in neighboring provinces of Ho Chi Minh City and hospitality real estate in areas with great tourism potential such as Can Tho, Ba Ria-Vung Tau, Phan Thiet (Binh Thuan) and Cam Ranh (Khanh Hoa).
Meanwhile, Novaland has also expanded its reach to trading centres in areas that it is currently implementing its projects, in a bid to create favourable conditions for customers, including the Novaland Cam Ranh Real Estate Centre located at Bai Dai, Cam Lam in Khanh Hoa, which was opened on August 31.
Upcoming centres in Phan Thiet (Binh Thuan), Ho Tram (Ba Ria-Vung Tau) and Dong Nai are also on their way to be soon introduced to customers.
The supply of luxury apartments in central Hanoi is becoming increasingly scarce, pushing starting prices to new highs.
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High demand and limited supply drive transactions in major urban areas despite soaring costs.
Despite the real estate market's lackluster performance, several companies are accelerating land acquisition efforts.
Hanoi is set to receive a significant future supply of over 100,000 apartments starting from 2025, a tenfold increase compared to the current availability.
Hanoi’s apartment prices are expected to continue rising until supply and legal bottlenecks are resolved, according to experts.