However, these factors have also caused sales to fall 44 percent year-on-year to 5,200 units, with Grade B and Grade C accounting for 99 percent, while absorption rate dropped 12 percentage points year-on-year to 20 percent.
In the best case scenario, apartment sales in the capital city is estimated at 20,000 units this year, nearly half of last year, Hang said.
In the last quarter, nearly 10,000 apartments, mostly Grade B, are set to enter the market from 12 projects.
75 percent of new supply will be located in the eastern district of Gia Lam and western district of Tu Liem.
Whether there will be surge in new supply in the last months of the year depends on Vietnam’s ability to contain the pandemic, said Nguyen Duc Them, project sales manager of Savills Hanoi.