Hanoi’s condominium supply volume and sales are expected to improve in 2021, with between 24,000 and 26,000 units to be put on the market, CBRE Vietnam said at a January 7 event to announced its Q4 2020 quarterly report.
|A bird's-eye view of Thanh Xuan district in Hanoi (Photo: VNA)
Hanoi – Hanoi’s condominium supply volume and sales are expected to improve in 2021, with between 24,000 and 26,000 units to be put on the market, CBRE Vietnam said at a January 7 event to announced its Q4 2020 quarterly report.
CBRE experts projected the capital condo market will be expanded with the participation of new residential areas, while mid-end and affordable projects are forecast to move farther outside Ring Road No. 3.
Average selling price in the primary market is projected to increase by 4 – 6 percent year-on-year in 2021.
According to Nguyen Hoai An, director of CBRE Hanoi Branch, over the past year, the real estate market was disrupted by COVID-19 social distancing measures, however, the technology factor proved effective in assisting sales and helping investors in market assessment and decision making.
The local office market, meanwhile, is expected to welcome around 22,000 sqm NLA (net leasable area) of new office space.
Driving force behind the growth of the market is attributable to demand from the banking-finance, insurance, production, and IT sectors, said CBRE experts.
Industrial real estate market remains a highlight, attracting both domestic and foreign investors. Last year, despite the pandemic, international conglomerates like GLP, LOGOS and JD.com invested heavily in the northern and southern regions. Domestic property developer Vingroup also take part, with its two new industrial parks expected to debut in 2021.