Feb 2, 2013

Vietnam - No respite for Hanoi real estate

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The Hanoitimes - The Hanoi real estate sector continued to be frozen in Q4/2012, according to a market report by Cushman and Wakefield Vietnam (C&W).

Grade A apartments are now being offered for around 48 million VND ($2,300) per square metre, while grade B and C apartments are selling for 17-33 million VND ($817-1,590) per square metre.

To stimulate demand, many investors are offering credit support packages with low interest rates. Some are even offering unfinished apartments in order to reduce prices by 5-7 million VND ($240-337) per square metre.

However, these moves have failed to motivate new purchases, so the market's liquidity was still low, C&W said.

There are currently about 11,500 apartments for sale in the primary market: around 4,000 high-end apartments and 6,500 mid-range o­nes.

About 100 apartments from three operational projects have been brought o­nto the market this quarter, mainly in grade B and C categories.

In Q4, new projects will be unveiled such as the Discovery Complex and Hado Park View in Cau Giay District and Skyline in Hai Ba Trung District.

Many projects are still under construction, threatening to worsen the oversupply problem. These include Mandarin Garden (1008 units), D'Palais de Louis (242 units), Mulberry Lane (1,478 units), Golden Land Building (730 units) and Golden Palace Me Tri (1,000 units).

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