Hanoi real estate market to heat up by end-2020
After the first nine months of stagnation due to Covid-19 Hanoi’s real estate market is expected to revive in the last quarter of this year, as local investors simultaneously launch a number of new projects to the market.
Some real estate experts said that the main reason for the heating of the real estate market of the capital was the recovery of the confidence of local investors thanks to the initial control of the epidemic. Such confidence faded due to the almost frozen market for fear of Covid-19 impacts and the superstitious business inertia of the seventh lunar month, also known as the Ghost month.
About 9800 apartments built by Ecopark, Vingroup, Bitexco, and Masteri will be on sale in the last three months of the year, including more than 500 apartments of S-Premium Sky Oasis project – a 5-star tower in Ecopark; more than 700 luxury apartments of the Bitexco-owned Maxtric One project; thousands of apartments of Masteri Waterfront Ocean Park project.
In addition, the 6-month deposit rates of the four largest banks in the country fluctuate between only 3% and 4% per year. Low interest rates have led banks’ cash flows to be strongly channeled into the real estate sector in a context of low lending rates.
At the same time, the banks also cooperate with reputable developers to launch a series of attractive incentives for large projects with great liquidity.
In addition to favorable market conditions, the end of this year is the time for real estate groups to fulfill their business targets. It is also the peak time for remittances from abroad to Vietnam.
The Covid-19 pandemic has affected the economy and society, as well as people’s behavior and housing needs. Local experts suggested that home buyers prefer greener architecture and a safer living space. They tend to avoid crowded places or high-density residential buildings.
This trend is clearly shown in the “record” sales results of some projects delivered by Ecopark in 2020. Specifically, despite two waves of Covid-19 the group has sold out their products even during the introduction phase of the project.
The real estate sector in Hanoi in the last three months of this year bodes well for 2021 Ms. Nguyen Hoai An, director of CBRE Hanoi Branch predicted.
“International experts expect that Vietnam’s economic outlook in 2021 would be positive with an average growth rate of 7-8%. With such growth, the real estate market will flourish,” Ms. An said. The supply of the housing segment will be more diverse and that of the office and retail segments will continue to increase in 2021.”
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