Newly-launched apartments in Vietnam's capital report skyrocketing prices

Hanoi, Sep 13 (IANS) Some newly-launched apartments in Vietnam's capital Hanoi are priced at nearly 200 million Vietnamese dong (8,100 U.S. dollars) per square metre, or almost on a par with townhouses and villas, VnExpress reported Friday.

A five-tower apartment project on Vo Chi Cong street in Tay Ho district has opened for bookings in recent weeks at estimated prices of at least 170 million dong (6,924 dollars) per square meter, the report said.

VnExpress quoted a Director of a property trading floor near West Lake as saying that apartment prices in Hanoi were topping 200 million dong per square metre and "closing in" on that of villas and townhouses in their vicinity.

David Jackson, CEO of Avison Young Vietnam, said apartment market prices in Hanoi were rising rapidly, Xinhua news agency reported.

The 100 million dong (4,050 dollars) mark was first breached in late 2021 and early 2022 but has since become more common.

Brand names, utility and management are also factors that drive up the prices, he said.

Disclaimer: This story has not been edited by the Sakshi Post team and is auto-generated from syndicated feed.