The Ministry of Construction's recent report on the real estate market in 2024 said that in large cities, apartment prices are increasing much higher than in 2023, a new price level is established for all segments.
Accordingly, the affordable apartment segment, which previously had a price of under 30 million VND/m2, has now increased to 45 million VND/m2. The mid-range segment, which previously had a price of 30-45 million VND/m2, has now increased to 45-70 million VND/m2.
Notably, the high-end segment, which previously cost 50-70 million VND/m2, has now increased to 70-100 million VND/m2. The super luxury segment has appeared on the market in a few projects with prices starting at 200 million VND/m2.
The Ministry of Construction believes that in 2024, apartment prices in some major cities will continue to increase. In Hanoi alone, apartment prices will increase by 40-50% compared to 2023.
Many apartment projects in Hanoi have seen a sharp increase in selling prices compared to before. For example, Ecolife Tay Ho apartment (Tay Ho district) has a selling price of about 72 million VND/m2, Sunshine Garden (Hai Ba Trung district) has a selling price of about 54 million VND/m2, Chelsea Park - Cau Giay has a selling price of about 62 million VND/m2, Trang An Complex (Cau Giay district) has a selling price of about 70 million VND/m2, Legend Tower (Thanh Xuan district) has a selling price of about 72 million VND/m2.
According to a report by market research unit Savills Vietnam, from 2025, about 110,000 apartments may be launched on the market, but the mid- to high-end segment is still dominating.
OneHousing also forecasts that the supply of apartments is on an upward trend, possibly reaching 23,000 units in 2025 and 24,000 units in 2026 - nearly 3 times higher than in 2023.
However, the shortage of affordable housing is also forecast to be difficult to improve. Real estate experts believe that the mid- to high-end product segment may continue to account for the majority of supply.
The Vietnam Association of Realtors (VARS) recently reported that the apartment market in 2024 also recorded a number of projects, areas and secondary transactions increasing by about 60-70% compared to 2023.
According to Mr. Nguyen Van Dinh - Chairman of the Vietnam Real Estate Brokers Association (Vars), the reason for the high price of apartments is due to the increasing demand of the people.
Meanwhile, new supply to the market is mostly in the high-end segment, lacking affordable housing. Input costs such as construction materials, capital, and labor are increasing, making it difficult for housing prices to decrease in the short term.
