HANOI, Oct. 25 (Xinhua) -- The real estate market in Vietnam's capital Hanoi will surpass that of southern hub Ho Chi Minh City in the short term, VnExpress reported, citing an expert from the property research firm CBRE as saying on Friday.
Vo Huynh Tuan Kiet, director of CBRE Vietnam's housing marketing department, said there had been disparities in the recent months between the two biggest real estate markets in Vietnam, with Hanoi's new supply reporting 8,277 units in the third quarter of this year and Ho Chi Minh City having just 127, the lowest number in a single quarter in the past decade.
He predicted that Hanoi's real estate market would have 38,000 units by 2026, compared to Ho Chi Minh City's low supply of 29,000 units.
While Ho Chi Minh City saw a 4 percent to 8 percent increase in home prices in Q3, Hanoi saw a 16 percent to 27 percent surge, he said.
According to Kiet, Hanoi's housing costs have historically lagged behind those of Ho Chi Minh City by roughly 10 million to 15 million Vietnamese dong (394 to 590 U.S. dollars) per square meter. However, these disparities have already narrowed, with Hanoi's housing costs expected to rise more quickly in the years to come.
"Although both markets have a bright future in the long run, Hanoi will continue to receive financial interest in the near future," he said. ■
