Ha Noi residential inventory declines in 2013

HA NOI (Homeid) ― Ha Noi's residential inventory declined throughout last year due to falling property prices, according to Savills Vietnam's measurement, released on March 3.

The Savills property price index (SPPI) reached 100.7 points in Q4/2013, dropping 2.6 points quarter-on-quarter (QoQ) and 14 points year-on-year (YoY). Further, the average price has decreased 34 per cent since Q2/2011 due to price reductions in an effort to stimulate sales before the Lunar New Year. In Q4/2013, the average price, including new projects, was some VND29.93 million (US$1,425) per sq.m.

 

The inventory ratio in Q4/2013 was 89 per cent, dropping two percentage points against the previous quarter, and falling by seven percentage points compared with its peak in Q4/2012. The company said there were signs of market adjustments toward end-users, but as inventory still rose by 69 percentage points compared with Q4/2010, market recovery fell far behind, compared to three years ago.

 

In the office segment, the SPPI was at 52 points in Q4/2013, declining two points QoQ and dropping seven points QoQ. This was attributed to a decrease in the average market rent of 3 per cent QoQ and 10 per cent YoY, along with an average occupancy rate of one percentage point QoQ and three percentage points YoY.

 

Meanwhile, the QoQ office index in the central business district (CBD) was 68 points, increasing one percentage point, while that of other areas decreased two percentage points to 54 points.

 

The average revenue in the CBD was VND480,000 ($22.86) per sq.m per month, a slight increase of 1 per cent QoQ due to improved occupancy, while that in other areas fell by 4 per cent to VND230,000 ($10.95) per sq.m. per month. The entire market reached VND290,000 ($13.80) per sq.m per month on average, a decrease of 12 per cent YoY.

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