The firm’s third quarter realty market report attributes the price hike to future launch of some luxury and high-end projects in the city’s downtown area.

If vaccination against Covid-19 goes smoothly, creating favorable conditions for economic recovery and international travel, 25,000-27,000 new condominium units will be supplied next year, the report says.

The selling price of condominium units in Hanoi’s primary market averaged $1,542 per sq.m, excluding VAT and maintenance fees, in the third quarter of this year, up 16 percent year-on-year.

In Hanoi, 3,483 condominium units were launched in the third quarter, down 1 percent year-on-year, bringing the total in the first nine months of this year to 11,430 units, up 7 percent on-year.

Nearly 3,000 condominium units were sold in the third quarter, down 33 percent on-year, lifting the total in the first three quarters to roughly 11,000 units, also down one percent year-on-year.

Between 17,000-18,000 condominium units will be launched this year, almost the same as last year. Condominium sales are expected to recover in the last quarter, the report says.