Around 26,000 apartment units are expected to be launched in Ha Noi in 2022, signalling a vibrant outlook for the segment, according to real estate service provider Cushman & Wakefield (C&W) Vietnam.

A survey by C&W Vietnam revealed that the launch of luxurious apartment project The Grand Hanoi at the end of last year, which were sold out in the first offering, has established a new height for the segment’s prices in the capital city.

A number of prestigious developers in the south, such as Masterise Homes, Phu Long and Hung Thinh, have entered Ha Noi’s property market recently. The move is expected to set the scene for the launch of more high-quality units and raise the average price of the market.

Statistics show that Ha Noi’s Gross Regional Domestic Product (GRDP) grew by 2.92 per cent in 2021, lower than 4.18 per cent of the previous year, as a consequence of the severe COVID-19 outbreaks.

However, FDI flows into the city rose by 10.6 per cent to US$1.5 billion. Additionally, several key transport projects of the city have been completed, notably the Cat Linh – Ha Dong urban railway and the intersection of Ring Road No 3 and Ha Noi – Hai Phong Expressway.

These factors are likely to help the city’s real estate market gain greater growth momentum in 2022 and the following years, according to C&W Vietnam.

In the final quarter of 2021, the average price of the class-A units stood at VND137.3 million (or $5,927) per sq.m, doubling that of the previous quarter and the same period last year. The prices of the class-B ones averaged VND39.5 million (or $1,706) per sq.m, up 4 per cent quarter-on-quarter and 14 per cent year-on-year. That of the class-C units edged up 11 per cent quarter-on-quarter and 16 per cent year-on-year to VND25.8 million (or $1,112) per sq.m. —VNS