Real estate market sees transaction numbers zoom

Of them, 14,400 took place in the second quarter alone, mostly involving apartments, according to a report by the Vietnam Association of Realtors (VARS).

High-end units priced above VND50 million per square meter (US$1,980) accounted for 40% of apartment transactions, it said.

Real estate consultancy CBRE said over 12,200 apartments were traded in Hanoi in the first half, around the same number as in the whole of last year, 84% of them in the second quarter.

Another property consultancy Savills said 2,300 apartment transactions occurred in the second quarter in HCMC, accounting for 70% of the city’s apartment sales in the first half.

Pham Mien of VARS said the real estate market has been recovering and dominated by the apartment segment. The townhouse and land segments are seeing some signs of revival, but the resort real estate segment remains gloomy, she noted.

Prices are also on the rise on the primary market, she said, adding that they were around VND60 million per square meter in both Hanoi and HCMC at the end of the second quarter.