Wednesday , May 29 2024

Hanoi residential property supply hits five-year low

Hanoi’s new residential real estate supply in the last quarter dropped to a five-year low of 4,500 units, aggravating housing shortage in Vietnam’s second biggest city.

The figure marked a 19 percent year-on-year drop. Eighty percent of the new units supply fame from existing projects, according to a report by real estate consultancy Savills Vietnam.

No new villas and shophouses came from new projects, the report says.

Savills forecasts that new supply in the capital will continue to fall, hitting below 25,000 units this year and below 20,000 next year.

Demand, however, is rising. The number of apartment transactions in the last quarter rose 72 percent year-on-year.

Hanoi’s population is set to reach 9 million by 2025 with 61 percent being urban citizens, compared to 49 percent in 2019, the report notes.

This means the annual number of new households is set to hit 72,000, several times the number of new apartments.

With no new affordable apartments launched in the last quarter, the report calls for changes in planning to ensure adequate housing supply in the future.

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