Condominium prices continue to rise despite lower levels of interest in real estate from the fourth COVID-19 wave
According to Batdongsan.com.vn, Hanoi and Ho Chi Minh City saw condominium prices increase, despite significant drops in demand for property searches and transactions in July due to COVID-19 surge.
Recent data from Batdongsan.com.vn’s pages revealed that the level of interest in real estate dropped by 22 percent in July, while the number of property postings decreased 12 percent.
Across multiple cities and provinces, particularly in the south, the number of property transactions plummeted as the fourth COVID-19 wave spread rapidly, and social distancing regulations were imposed.
Ho Chi Minh City, which currently has the highest number of infections, saw property postings and interest fell by 52 percent and 33 percent, respectively.
On the contrary, Bac Ninh and Bac Giang showed signs of optimism as interest in real estate increased by 40 percent and 22 percent in July.
Previously in May and June, interest in these two markets continuously decreased due to the negative impacts of COVID-19. However, better containment of the pandemic in July paved the way for real estate in these two provinces to recover.
Looking at the condominium segment, interest dropped by two percent in Hanoi, while Ho Chi Minh City experienced 25 percent. The number of postings, which reflect supply, also decreased by four and 44 percent, respectively.
Nevertheless, condominium prices continued to increase, as the average apartment prices in Hanoi and Ho Chi Minh City increased by two percent from June.
The average apartment price in Ho Chi Minh City is currently much higher than in Hanoi, with the average selling price in July recording at VND53 million (USD2,330) per m2, compared to VND34 million/m2 in Hanoi.
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