Strong discount wave in the recent past was mainly made in the projects along with the Ringroad 3, Hanoi while property prices in centre districts were hard to be reduced due to the limited supply, the local newswire VnMedia reported.
The scarce capital source is making the realty market staging, property prices slumped around 40-50% for the projects with incomplete procedures and ground clearance.
Typically, the price of adjacent houses in the Thanh Ha-Cienco 5 project tumbled from 45 million dong per sqm to 22-25 million/sqm, Kim Chung-Di Trach dropped to 25-30 million dong/sqm or some big projects in Me Linh District were down 20-30% in price.
Land prices in Dan Phuong and Hoai Duc Dist, which sometimes were pushed to 50-60 million dong/sqm, now stay at 30 million dong/sqm only.
According to experts, most of projects on price discount are located in outskirt areas while those in centre areas see modest falls in prices. Particularly, the price of new urban areas like Ciputra stands at around 130-140 million dong/sqm, Trung Hoa Nhan Chinh villa price at 160 million dong/sqm, and adjacent house price of Van Quan urban area at 110-120 million dong/sqm and Nam Trung Yen area at 140-160 million dong/sqm.
Concerning the condominium segment, transactions are slowing. Very few investors accepted to cut prices but in the secondary market, investors of some projects accepted a loss of 10-20% compared with the original prices. Thus, the houses with small area of 50-75 sqm are offered at 1-2 billion dong.
Original price of condos in No 5 Trung Hoa project are offered at 24 million dong/sqm, HH2-People’s Police Publisher condominium in Le Van Luong St at 24.5 million dong/sqm, Ho Guom Plaza (Nguyen Trai-Ha Dong) at 19.6 million dong/sqm (VAT exclusive)…
Property supply from Hanoi’s Ringroad 3 and farer has been almost finished, Mr Nguyen Duc Cay-Chairman of Constrexim HOD analyzed. Commercial land funds in centre areas of Hanoi are in sensitive locations. This is one of big factors affecting to the foundation land price in Hanoi in the forthcoming time. - Source: Vietbiz24
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