Northern property prices to decline this year

Northern property prices are expected to keep declining for the next 12 months, in particular at projects where speculation had pushed up prices.

 In Hanoi's outlying districts such as Hoan Kiem, Ba Dinh, Dong Da, and Tay Ho, we considered that sellers have cut land and house prices by 10-25% from last year.

Apartment prices in Hanoi have fallen by 10-30% - Northern property prices to decline this year

The decrease in property prices might persist in the first half of this year and by the third quarter, we will witness affordable value in areas where prices had risen tumultuously in recent years. 

This year, unoccupied properties that have been traded back and forth would be in worse shape in terms of valuation than those that have been used. 

The change in prices seen throughout 2016, 2019, and again in 2020-2021, was one of the strongest periods of property price growth on record, resulting in savings on buying property in the hope of making a killing. Leading to create unreasonable valuations.

"Some people never even visited the property they bought before selling it off". But such speculation has finished amid the low market sentiment this year.

Tran Khanh Quang, CEO of property developer Viet An Hoa, said prices would fall by 3-4% in Hanoi and more in its neighboring areas. Dong Anh, Soc Son, etc would see prices fall by 10-15% in the next 12 months. The chairman of a listed property developer, who asked not to be identified, said high, said mortgage interest rates and the low possibility of getting new loans would force many developers to liquidate their products at a discount to reduce risks.

Read more: 

Soho, Heritage West Lake apartments breaking new ground with elegant design

The best design of The Matrix One apartments