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.
CEO Group and the world's leading hotel management group Accor have recently signed a memorandum of understanding in developing Sonasea Van Don Complex.
Sonasea Van Don Complex is a part of the Sonasea Harbor City Van Don resort complex which is invested by CEO Group on a 358 hectare-area in future Van Don special economic zone.
It is a five-star hotel complex with over 1,000 rooms managed by three Accor's brands namely Pullman, Novotel Suites and Ibis Style.
This is the first time a Vietnamese company has developed a complex of three hotels in one destination and they are managed by a foreign corporation under three different brands.
Accor, the number one hotel management company in Europe and the Top 10 in the world, owns 4,300 hotels with over 620,000 hotel rooms in over 100 countries and 25 famous brands including Sofitel, Pullman, Novotel, Ibis, All Seasons and Mercure.
One of the Accor's points from the beginning was the satisfaction of all customers, from the popular tourist to the upper class.
In the Sonasea Van Don Complex, Ibis Style with youthful style will appeal to young people, young families and travelers who love the liberal style.
Novotel Suites, an entirely new style of Novotel, provides high-end and consistent services, modular rooms, perfect service packages for families and modern meeting rooms.
Whereas, Pullman is an aspirational and inspirational Accor brand where visitors can relax and energize their work.
CEO Group and Accor currently cooperates in operating the Novotel Phu Quoc Resort and Novotel Villas at Sonasea Villas & Resort in Phu Quoc.
In addition to Accor, the CEO Group is also in cooperation with Best Western, one of the top hotel management companies in the US and Top 10 in the world, in operating and managing the BWP Sonasea Phu Quoc apartment and resort complex having a total of 549 apartments and 16 villas when it is put into operation by the end of this year.
The supply of luxury apartments in central Hanoi is becoming increasingly scarce, pushing starting prices to new highs.
Vietnam's hospitality industry is undergoing a major transformation with a brand repositioning strategy that emphasizes unique, sustainable, and community-focused experiences.
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.