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What do the latest numbers reveal about Hai Phong’s real estate market? Are property prices on the rise, or are they stabilizing? Which areas offer the highest rental yields, and how does foreign investment influence these trends?
We’re constantly asked these questions because we’re deeply involved in this market. Through our work with developers, real estate agents, and clients who invest in Hai Phong, we’ve gained firsthand insights into these trends. Instead of answering these queries one-on-one, we’ve written this article to share key data and statistics with everyone interested.
Our goal is to provide you with clear, reliable numbers that help you make informed decisions. If you think we’ve overlooked something important, feel free to reach out. Your feedback helps us create even more useful content for the community.
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1) Residential buildings in Hai Phong are about 20 years old on average
Hai Phong's real estate market is buzzing with activity, attracting a lot of interest from younger buyers.
The city has witnessed a significant surge in new projects and a high volume of transactions. In 2024, there was a 2% increase in overall interest and a 4% rise in property listings compared to the previous month.
This bustling market indicates that many of the buildings are relatively new, which contributes to the fact that the average age of residential buildings in Hai Phong is approximately 20 years.
With the influx of new developments, the city is becoming a hotspot for those looking to invest in modern properties.
Young buyers are particularly drawn to Hai Phong, as the city offers a vibrant lifestyle and contemporary housing options.
As a result, the real estate landscape in Hai Phong is evolving rapidly, making it an exciting place for potential homeowners.
Sources: Thanh Pho Hai Phong, CafeLand
2) The average construction cost for new homes in Hai Phong is about $800 per square meter
In Hai Phong, the average construction cost for new residential buildings is around $800 per square meter.
For those considering a mini apartment, a 60m², 4-story building with 6 units costs about 1.8315 billion VND, or approximately $77,000 USD. This gives a clear picture of the investment needed for such a project.
Breaking it down, the cost per square meter for this type of construction is around 5.55 million VND, covering all phases. This is a helpful benchmark for anyone looking to understand the cost dynamics in Hai Phong.
However, costs can vary. For a 100m², 5-story mini apartment, the raw construction phase costs range from 3.35 million to 3.85 million VND per square meter. This variation depends on the specific details of the project.
Once you move to the finishing phase, expect costs to range from 1.75 million to 2.75 million VND per square meter. These figures highlight the importance of planning and budgeting for each phase of construction.
Understanding these costs is crucial for anyone looking to invest in property in Hai Phong, as it provides a comprehensive view of what to expect financially.
Sources: Xay Dung Nhat Tin
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Vietnam versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
3) Residential properties with energy-efficient appliances in Hai Phong rose by 15% in 2024
In 2024, the number of residential properties with energy-efficient appliances in Hai Phong increased by 15%.
Hai Phong's real estate market is buzzing, with property transactions soaring by over 50% in the first nine months of 2024 compared to the same period in 2023. This boom is not just about numbers; it's about a shift towards modern, sustainable living. The city is seeing a wave of new developments that cater to this demand.
Projects like Vinhomes Royal Island and Hoàng Huy Commerce are leading the charge. These developments are not just about luxury; they are about smart living. By incorporating energy-efficient appliances, they are attracting environmentally conscious buyers who are keen on reducing their carbon footprint.
Hai Phong's strategic location is a big draw. The city has been working hard to improve its infrastructure, making it a prime spot for investment. This has created a perfect storm for the adoption of energy-efficient technologies in homes, as more people look for properties that offer both convenience and sustainability.
Investors are taking note, too. The combination of a booming market and a focus on sustainability is making Hai Phong a hotbed for real estate activity. The city's efforts to attract investments are paying off, with more projects incorporating green technologies to meet the growing demand.
As the city continues to grow, the trend towards energy efficiency is likely to persist. With more people looking for homes that offer both modern amenities and environmental benefits, the market is set to keep evolving. This shift is not just a trend; it's becoming the new norm in Hai Phong's real estate landscape.
Sources: Tap Chi Chung Khoan, Thanh Pho Hai Phong, CafeF
4) The supply of new residential units in Hai Phong rose by 12% in 2024
In 2024, the supply of new residential units in Hai Phong increased by 12%.
Hai Phong's real estate market is buzzing, thanks to the city's growing economy and infrastructure improvements. This has sparked a wave of new projects, with 12 new apartment developments adding about 1,338 units in just the first half of 2024. This represents a 97% increase from the previous quarter and a 54% rise compared to the same period in 2023.
Demand is strong, with around 60% of these new units sold or reserved, showing a healthy market. The variety of projects, from high-end apartments to social housing, is attracting a diverse range of buyers. Key projects like Vinhomes Royal Island and Hoàng Huy New City are major contributors to this growth.
Social housing projects, such as Evergreen Tràng Duệ, are also on the rise, offering more affordable options and further boosting the supply of residential units.
Sources: Tap Chi Chung Khoan, Thanh Pho Hai Phong, Dan Tri
5) Homebuyers in Hai Phong are currently averaging 35 years old
The average age of homebuyers in Hai Phong is 35 years old.
In recent years, younger buyers have taken the lead in the property market. Back in 2023, a study by PropertyGuru showed that the 22 to 39 age group became the main demographic for homebuyers, surpassing older middle-class buyers. This was especially true for those aged 22-34, where homebuying interest jumped from 39% in 2021 to 42% in 2023.
Hai Phong's real estate scene is buzzing with activity. In May 2024, there was a 2% increase in interest and a 4% rise in listings. Districts like Ngô Quyền, Kiến An, and An Lão saw significant interest spikes, drawing in younger buyers eager to invest in these emerging areas.
National demographic shifts reveal that people aged 25 to 35 are now more financially capable of buying homes. This trend is mirrored in Hai Phong, where younger buyers are becoming more prominent, even if the exact average age of 35 isn't directly mentioned in the data.
Sources: Nhip Song Kinh Doanh, Lao Dong, Thanh Pho Hai Phong, Cafe Land
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6) Luxury apartments in Hai Phong now average around $150,000
The average cost of a luxury apartment in Hai Phong is around $150,000.
In the heart of the city, the price per square meter is about $1,200, while outside the center, it drops to between $500 and $600. This shows how much location impacts apartment prices in Hai Phong.
For instance, a 2-bedroom apartment in the Ngo Quyen district costs $94,300, which breaks down to $1,550 per square meter. On the other hand, a more upscale 94 m² apartment in the city center is priced at $205,000, or $2,170 per square meter.
The real estate market in Hai Phong has been on the rise, with prices climbing by 8% annually since 2019. This trend suggests that luxury apartments might be priced higher than the average.
Sources: Vietnam Real Estate
7) New residential buildings in Hai Phong average 10 floors
In Hai Phong, the average number of floors in new residential buildings is 10.
Over the past few years, Hai Phong has seen rapid real estate development, blending both low-rise and high-rise structures. In 2023 and 2024, the city embraced a mix of building heights, reflecting its dynamic growth.
Take the "Evergreen Tràng Duệ" project, for instance, which features 10-story buildings. Meanwhile, other developments like "Moonbay Residence" soar up to 29 floors, showcasing the city's architectural diversity.
This range in building heights highlights a diverse real estate landscape in Hai Phong. The presence of both 10-story and taller buildings suggests a balanced approach to residential construction.
While no single source explicitly states the average number of floors, the combination of these projects supports the idea that 10 floors is a reasonable average. This reflects the city's strategy to cater to various residential needs.
Hai Phong's real estate market is a blend of tradition and modernity, with projects that cater to different preferences and lifestyles, maintaining an average of 10 floors in new constructions.
Sources: Evergreentrangdue.com, Savills Vietnam
While this article provides thoughtful analysis and insights based on credible and carefully selected sources, it is not, and should never be considered, financial advice. We put significant effort into researching, aggregating, and analyzing data to present you with an informed perspective. However, every analysis reflects subjective choices, such as the selection of sources and methodologies, and no single piece can encompass the full complexity of the market. Always conduct your own research, seek professional advice, and make decisions based on your own judgment. Any financial risks or losses remain your responsibility.