Savills: VinCity entered the market and pushed up the supply of Hanoi apartment buildings to a record high, the story of investor screening will be much more intense in 2019.

Savills: VinCity entered the market and pushed up the supply of Hanoi apartment buildings to a record high, the story of investor screening will be much more intense in 2019.

VinCity Ocean Park launched 6,500 units in the last months of 2018, pushing the supply of primary apartments throughout Hanoi to a record of 36,000 units. In 2019, more than 41,000 units will enter the market. "Certainly the investor screening story will be much more fierce," said Savills Hanoi representative.

VinCity Ocean Park perspective.

The most notable point of the Hanoi real estate market falls at the end of the year, with the landing of VinCity Ocean Park.

The participation of VinCity Ocean Park has increased the total primary supply to 36,000 units. According to Ms. Do Thu Hang - Deputy Director of Savills Hanoi, 36,000 units are the highest number ever, up 32% quarter-on-quarter and 43% year-on-year.

The absorption rate of the market has also improved, reaching 32%.

"This number is currently giving a message: By 2019, with 41,300 more apartments will be on the market, surely the story of investor screening will be much more fierce," said Ms. Hang. determined.

In quarter 4/2018, the amount of units sold is 11,400. In particular, the amount of Grade B apartments accounted for the main proportion with 61% market share, followed by Grade C with 31%.

The number of apartments sold is mainly concentrated in Tu Liem, Ha Dong and Gia Lam areas. In particular, the products of 2-bedroom apartments are still leading the market. This product line, according to Savills, always accounts for 50-65% market share of apartments in Hanoi.

The number of transactions increased by 81% QoQ and 69% YoY, while the absorption rate increased by 9% QoQ and 5% YoY to 34%. The asking price averaged USD 1,370 / m², an increase of 3% QoQ and 10% YoY.

Binh An