During the first quarter of 2012, the price of middle-class apartment segment fell 9% against the Q4 of 2011 while the high-class apartment segment saw a record transaction ratio of only 2%, according to the latest initial survey of market research institutions in Hanoi.
As forecasted, in next 3 years, a large volume of 52 projects to provide 45,000 apartments will be available. This is a big pressure to sell the huge supply while Hanoi’s property inventory remains high from old projects (around 16,500 apartments according to statistic of CRBE consulting firm).
Declines in property prices in Hanoi were attributed to the reason that consumers lost faith and speculators do not work on the market any more. In addition, the oversupply and over demand in certain segments came from unsuitable prices as well as apartment space unmatched with real demand.
People need the apartments with modest area and value of around 1 billion dong per unit but in the market, such apartments are offered at 2-3 billion dong/unit. - Source: Vietbiz24
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