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Buildings in Nam Tu Liem District, Hanoi. Picture by Shutterstock/Vietnam Inventory Pictures
Housing costs in Hanoi rose essentially the most in 5 years, pushed up by restricted provide and the specter of inflation.
In response to main property consultancy CBRE, the common value of a brand new house elevated by 13 % to US$1,655 per sq. meter. Within the secondary market, it was up 9 % at $1,278.
In Vietnam, housing has traditionally been a secure haven funding throughout occasions of excessive inflation.
Within the quarter ending in March, new housing provide was 3,500 items, down 39 % quarter-on-quarter and 20 % from the identical interval final 12 months.
The decline was attributable to a brand new wave of Covid-19.
Many of the new provide got here from ongoing phases at six initiatives. Solely two got here into the marketplace for the primary time.
Mid-priced flats accounted for 66 % of the brand new provide. Demand was larger than new provide, with 4,200 items being offered in the course of the quarter.
CBRE forecast provide of 26,000-28,000 items this 12 months, however stated the reasonably priced phase would proceed to face a shortage.
Whereas over 90 % of the brand new provide can be offered due to the bullish market sentiments, the trajectory may change on the finish of this 12 months, relying on the financial scenario.
Costs are anticipated to maintain rising within the first half of 2022 however speculative buying and selling would come down resulting from a crackdown by authorities, it added.
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