The Ministry of Construction has asked the Hà Nội People's Committee to inspect projects and apartment complexes with sudden price hikes, to better regulate the city's real estate market.
The strong increase price was recorded in most districts of Hà Nội in the first three months of this year, especially in the western districts. — VNA/VNS Photo
The Ministry of Construction has just sent a request to Hà Nội People's Committee to inspect projects and apartment complexes having sudden increase in prices, strengthening management of the real estate market in the city.
Recently, there have been continuous reports of increasing abnormally real estate prices in some areas, projects and apartment complexes, indicating signs of price manipulation and speculation.
Therefore, the ministry has requested Hà Nội people's committee to review and inspect real estate transactions conducted by businesses, investors, real estate trading floors and real estate brokers in the city.
According to reports from many market research firms, the average selling price of housing projects in Hà Nội in both the primary and secondary markets increased rapidly in the first three months of 2024.
Specifically, the average primary selling price has surged to VNĐ56 million (US$2,240) per sq.m (excluding VAT and maintenance costs), an increase of 5 per cent quarter-on-quarter and 19 per cent year-on-year.
Meanwhile, the average selling price in Hà Nội's secondary apartment market this quarter recorded the highest-ever increase, up 17 per cent over the same period last year to an average of VNĐ36 million per sq.m.
The strong price hikes were seen in most districts of Hà Nội, especially in the western districts.
Experts indicated a strong increase in interest in Hà Nội apartment products. The limited supply, coupled with a relative quietness in the villa and landed property market after the boom period of 2021-22, has led many investors to redirect their investment towards apartment projects in the capital city.