Apartment prices up in Q1

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Apartment prices up in Q1

Saigon Times - 4/6/2016 8:30:23 AM

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Prices of apartments in all segments in Hanoi and HCMC rose in the first three months of this year, real estate service provider Jones Lang LaSalle said in a report.

In HCMC, prices of many projects went up by 5% and 7% on the primary and secondary markets in the period, respectively. Especially, medium-end projects in districts 2 and 4 posted considerable price rises.

Jones Lang LaSalle reported higher selling prices of villas and detached houses at large-scale projects with affordable prices in HCMC’s District 9 in January-March.

Around 9,720 housing products in HCMC were sold in the period, soaring 28% quarter-on-quarter and 63% year-on-year. Medium-class units priced at US$1,000 per square meter accounted for more than half of the total.

There were 279 villas and detached houses sold in the city in the year to March, tumbling nearly 44% compared to last year’s fourth quarter.

In Hanoi, apartment prices grew 1-5% in the period. Apartment supplies rose to 9,900 units, with medium-end and budget units making up 43% and 50% of the total and luxury products with prices of over US$3,000 per square meter accounting for less than 3%.

Meanwhile, demand in the capital city in the period fell by 5% to 8,000 units. The number of apartments sold at over US$1,500 per square meter accounted for 11% of the total, down 20% year-on-year.

Jones Lang LaSalle forecast property firms would launch 20,000 units in HCMC and 16,000 units in Hanoi in the rest of the year. Prices and demand would continue rising, especially at projects invested by major developers.

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