Western area was the major supplier of condominium projects in the capital city of Hanoi, accounting for 77 percent of the total new units in the second quarter, said CBRE Vietnam, a provider of commercial real estate services, at a meeting in Hanoi on October 9.

Western area was the major supplier of condominium projects
in the capital city of Hanoi in the third quarter.

According to Nguyen Hoai An, Director – Professional Services at CBRE Vietnam, the Hanoi residential market shows a clear trend of decentralisation with new projects in Thanh Tri and Hoai Duc districts, sparked by well-developed infrastructure in the localities.

During July-September, there were nearly 6,100 apartments put up for sale from 18 projects across the city, sliding 33 percent from the previous quarter. In total, around 26,800 units were launched in the first nine months of this year, a year-on-year surge of 37 percent.

In terms of sales performance, 4,800 units were sold in Q3, down 32 percent quarter-to-quarter.

Although there has been a decrease in the number of units sold in this quarter, the ratio of this group to launched volume was the same as previous quarters, An said, adding this means the market still remains stable.

CBRE experts believe that the Hanoi real estate market will welcome a plentiful supply from large-scale projects in Q4 and in the coming years. Notable projects are BRG & Sumitomo Smart City in Dong Anh district and Gamuda Lakes in Hoang Mai district.

Regarding the retail market, Aeon Mall Ha Dong and FLC Twin Towers, which will become operational in the end of this year, are expected to add over 88,000 square metres to the total retail space. With new designs and diversification in industries, the shopping malls are expected to bring more benefits to retailers who are seeking opportunities outside the CBD areas.

However, CBRE experts said the distribution of large shopping malls around the city will create real challenges as there is no concentrated area for shopping in the city.