Wednesday, 22 Nov 2017

Hanoi's western land section predicted to develop strongly this year

Updated at Friday, 13 Jan 2017, 09:24
The Hanoitimes - Thanks to the policy on the expansion towards the western in Hanoi along with more choice from local residents living in the outskirts, the real estate market is forecasted to record a growth supply in the western land sections this year.
2016 - Year of witnessing the highest growth of the western land
The Hanoi real estate market recorded a strong development in the condominium, villa and townhouse segments in 2016 and experts predict further growth this year. According to the CBRE Vietnam, about 9,128 units were avilable for sale in 34 projects across the city last year.
The fourth quarter of 2016 peaked both in terms of launched units and launched projects. The western sections of Hanoi accounted for 37% of new launches, more than 20% of 2015.
During the year, most of launched projects with completed infrastructure and reputable investors were paid a special attention by  customers, such as urban land projects in the western (Nam Tu Liem and Ha Dong districts, the eastern (Long Bien district) and the southern (Hoang Mai district).
 According to Savills Vietnam Real Estate Company, in the third quarter of 2016, the Hanoi property market received around 2,300 units of townhouse and villa, up 3% quarter on quarter and 10% year on year. Leading in the segment was Ha Dong district with the rate of 26%.
The western in Hanoi records the highest sale rate of new launched projects.
The western in Hanoi records the highest sale rate of new launched projects.
Meanwhile, in the condominium market, the Savills Vietnam reported that in the fourth quarter, approximately 35,000 dwellings were provided in the west of Hanoi, up 12.8 per cent from the previous year.
Sales increased 129% q-o-q to 766 units, of which 64% were townhouses. Dominating in sales this quarter were Tu Liem with 24% and Ha Dong with 23%. Villa and townhouse sales exceeded the former record set prior to 2011.
Experts predict further growth in 2017
Making an assessment of the market outlook, Ms. Do Thu Hang - Deputy Director of the market research department of Savills Hanoi, said that Ha Dong and Tu Liem will record the highest growth of land and villa segments in 2017.
"Ha Dong district, which has been improved in infrastructure, located near the ring road 3 and 3.5, along with the Cat Linh - Ha Dong urban railway expected to put into operation in 2017, is forecast to witness a large supply", she said.
The CBRE representative also said, the west end of Hanoi was forecast to continue dominating building start-ups. However, large-scale projects were expected to be scattered in different areas of the city.
By segment, big developers may introduce large-scale projects in affordable segment, significantly boosting the shares of this segment in new building start-ups.
The market witnessed some large launched projects in 2016, including the Park City Project (the phase 2), Geleximco's Green Daisy subregion in the Le Trong Tan urban area and continuing implementation of Nam An Khanh urban area of Sudico.
Savills Vietnam predicted that about 77 projects with 55,000 apartments will join the market in 2017.
Therefore, with a modest supply this year, the city's land segment is expected to be the most powerful cash flow for real estate investors.
Beside the improved infrastructures, the stable liquidity and fast profitability have been considered to be important factors that help land projects developers in Ha Dong, Tu Liem, Hoai Duc attracting  more customers in the coming time.
Translated by Thu Minh
Source: Van
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