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Hanoi: real estate market sees new fever
Real estate news By Vietnam Economic Times
18/10/2007
Hanoi’s real estate market is heating up day by day with the prices of apartments in luxury areas like Ciputra, The Manor, and Trung Hoa-Nhan Chinh up by nearly 100%. Mrs Hoa, who owns a villa and an apartment at Ciputra, said that she had decided not to sell the apartment at this moment as she thought the price would rise further. The price for villas has surged to VND60mil/sq m ($3,750), while the price for apartments is VND20mil/sq m ($1,250), which represent two-fold increases over the previous levels.
Last week, Mrs Hoa sold a villa at C4 bloc for over VND60mil/sq m. Meanwhile, there are no more villas or apartments to purchase at this moment. The staffs from the marketing division for the new Ciputra’s project say “no information” in response to clients who ask about new apartments. Apartments in new urban areas like The Manor and Garden are also being hunted by high income earners. Meanwhile, according to Nguyen Duc, Deputy Director of Bitexco, the investor of The Manor, all the apartments here have found owners. Mr Duc said that only several special villas were left. These are villas with big surface area and super luxurious facilities, and they are being offered at special price levels of VND5-7bil/unit ($437,500).
Quynh Nhu, a resident at The Manor, said that the apartments with the area of 106-216 sq m had been selling very well. The price of these apartments has increased by 50-60% from $1,000/sq m to $1,600 /sq m. Several days ago, Mrs Nhu sold a 106 sq m (second floor, B bloc) apartment for $165,000. Meanwhile, an apartment on the sixth floor was sold last week at $180,000. Staffs from Truong Thanh Real Estate Company say that they receive tens of calls every day from clients asking about the sale of high-grade apartments; however, the company does not have apartments to sell. The ACB Real Estate Trading Floor in Hanoi has also reported the sharp increase of transactions. The commodities for sale are mostly private houses worth VND1-2bil ($125,000).
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