The latest report by CBRE Vietnam shows that the average price of primary apartments in Hanoi is 72 million VND/m2, up 12% compared to the third quarter of 2024 and up 36% compared to the end of 2023. This is the strongest increase in 8 years in the Hanoi apartment market.
Notably, the selling price of secondary apartments in Hanoi has also reached 48 million VND/m2, up 26% year-on-year and also recorded the highest annual increase ever.
A survey by CBRE Vietnam shows that, in addition to the inner-city apartment segment, prices of apartment projects in the suburbs of Hanoi are also continuously increasing.
Typically, the Vinhomes Smart City project (Nam Tu Liem district) has a common selling price of 64.8 million VND/m2, an increase of 38.8% after 1 year. Secondary apartments at Vinhomes Ocean Park (Gia Lam district) have a price of 48.6 million VND/m2, an increase of 50% after 1 year.
Mr. Nguyen Van Dinh - Chairman of the Vietnam Real Estate Brokers Association (Vars) - assessed that in the recent period, real estate prices have increased abnormally, especially in the apartment segment in Hanoi.
In the short term, Vars said, the supply of residential real estate in 2025 will continue to grow, about 10% compared to 2024, contributed more evenly by regions when many projects have been cleared of obstacles and re-implemented in 2024.
Vars also forecasts that the price level of apartments in 2025 will continue to increase in major cities, from 7-10% compared to 2024. This increase is quite low compared to price fluctuations in 2024 because the current price level is quite high, the growth momentum in the market is slowing down.
Meanwhile, many old apartment products, lacking infrastructure and utilities, are having transfer prices that are too high compared to reality.
Referring to this content, Mr. Tran Minh Tien - Director of OneHousing Center for Market Research and Customer Insight - said that the rapid increase in apartment prices in Hanoi in a short period of time may cause a "temporary shock" reaction, but in the journey to 2030, this is just the beginning of a new growth cycle.
Experts say that although the Hanoi housing market is gradually becoming more abundant in supply, in reality, the number of apartments that investors can bring to the market is still quite modest compared to actual housing demand.
