Talking to Lao Dong, Mr. Nguyen Van Minh (40 years old, living in Thuong Dinh street, Thanh Xuan district) shared that because he no longer needed to use it, he put up for sale a piece of land in Ta Thanh Oai commune (Thanh Tri district) for 3 billion VND.
According to Mr. Minh, the land here has an area of about 100m2, with a frontage of 5m, equivalent to 30 million VND/m2. If the land is successfully sold, Mr. Minh and his wife will spend more money to find an apartment in the inner city for convenience in work and life.
Similarly, Mr. Le Van Khanh (working in Van Quan ward, Ha Dong district) said that in the past, he and his wife bought a 150m2 plot of land in the suburbs to live, but now his work is still concentrated in Hanoi's inner city, so he is selling a plot of land in Thach That district for 3 billion VND, with a red book, to buy an apartment.
It is worth mentioning that, according to Mr. Khanh, even if he successfully sells this land, it will be difficult for him to buy an apartment in the inner city at the same price and therefore he will have to pay extra money or borrow from friends.
In fact, the real estate market report for the third quarter of 2024 by Savills Vietnam shows that in the Hanoi market, apartment prices continue to climb in both new and old projects.
Accordingly, the price level of new projects increased by 6% quarter-on-quarter and 28% year-on-year, reaching VND69 million/m2. The high increase in primary projects also pushed the selling price of old apartments to VND51 million/m2, up 10% quarter-on-quarter and 41% year-on-year.
For example, at the Diamond Goldmark City project (Phu Dien, Bac Tu Liem) in September 2024, the average selling price was about 66.1 million VND/m2. Meanwhile, in January 2024, the average selling price at this project was only about 50.3 million VND/m2.
In Cau Giay, The Nine Apartment project as of September 2024 has a price range of about 72.8-91.6 million VND/m2. Meanwhile, in January 2024, the selling price of apartments in this project only fluctuates around 58.6-77.4 million VND/m2.
Even in old apartment projects that have been in use for many years and are gradually deteriorating, prices are still high. In the Nam Trung Yen resettlement project (Cau Giay district, Hanoi), apartments are also being offered for sale at over 70 million VND/m2.
Referring to this content, Ms. Nguyen Hoai An - Director of CBRE Hanoi - said that currently, apartment products for living and investment are quite diverse, the price level is also higher than previous years, waiting for housing prices to decrease is not feasible.
According to experts, real estate prices can only decrease when there is excess supply and slow demand growth, affecting market liquidity, affecting selling prices, and there are large fluctuations in the macro economy, financial markets, and economic growth.
Forecasting the upcoming developments of the apartment market, Ms. Nguyen Hoai An commented that in 2025, the supply of new apartments could reach over 30,000 units. Housing prices will not decrease but will no longer increase as rapidly as in the recent period, possibly only increasing by 5-8% compared to 2024.
