HANOI, Oct. 9 (Xinhua) -- The average price of new apartments in Vietnam's capital Hanoi was 69 million Vietnamese dong (2,778 U.S. dollars) per square meter in the third quarter, higher than 68 million dong (2,737 dollars) of the southern hub Ho Chi Minh City, VnExpress reported, citing property consultancy Savills, on Wednesday.

The figure rose by 6 percent from the second quarter in Hanoi while in Ho Chi Minh City, it fell by 12 percent, Savills said in its market report for the quarter.

According to Giang Huynh, head of research at Savills Ho Chi Minh City, a large drop in high-end supply has driven down prices in the city.

Meanwhile, there is a surge in supply in Hanoi this year, most of which is in the high-end segment, driving up the average price, said Do Thu Hang, senior director of research and consulting at Savills Hanoi.

According to property consultancy CBRE, over 19,000 new apartments in Hanoi were offered to the market in the first nine months of this year, exceeding the supply of the whole year 2023.

In the last quarter, more than 10,000 new apartments are expected to be offered, increasing the total supply in 2024 to nearly 30,000, the highest annual figure in the past five years, said CBRE. Enditem

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