Talking to Lao Dong reporter, Mr. Nguyen Luan (36 years old, self-employed in Hoang Mai district, Hanoi) informed that in early 2024, with savings, his family bought an apartment on Dinh Cong street for 3 billion VND.
What Mr. Luan was surprised about was that after only 1 year, the old 2-bedroom apartment was paid 5.5 billion VND/unit, including furniture.
"Although there is a need to buy for long-term living, the apartment segment here has nearly doubled in price after a short time, making many people like me stunned" - Mr. Luan said.
Similarly, Mr. Trinh Quoc Anh (IT employee in Hanoi) said that although he wants to buy a house at this time, his family still has to delay the plan because the price of old apartments is still increasing continuously.
Notably, according to Mr. Quoc Anh, many old apartment projects in Hanoi are being advertised for sale from 70-80 million VND/m2. Meanwhile, the new apartment segment priced under VND50 million/m2 in Hanoi has gradually disappeared.
Information from Savills Vietnam shows that in 2024, the supply of apartments in Hanoi will reach nearly 25,000 units, of which in the fourth quarter of 2024 alone the supply will reach nearly 13,000 units, an increase of 351% annually.
Regarding selling prices, according to Savills Vietnam, in Hanoi, apartments with a selling price of over VND4 billion/unit account for 59% of the total successful transaction volume, a sharp increase compared to 2% in 2020.
Meanwhile, apartments with a selling price of 2-4 billion VND/unit account for 40% of the total successful transactions and apartments with a selling price of less than 2 billion VND account for only 1% of the total number of apartments sold in the year in the entire market.
Forecasting the trend of the Hanoi apartment market in 2025, Savills Vietnam stated that new supply in the whole market is expected to reach 25,200 apartments, of which B-class apartments continue to lead, accounting for 88% of market supply.
Along with that, the imbalance between supply and demand, most of the supply is concentrated in the B and A class apartments (high-end, luxury) segment, leading to apartment prices unlikely to decrease in 2025 and tending to remain stable or increase slightly.
According to this unit, it is expected that in 2026, the supply of apartments in Hanoi will improve sharply, reaching about 70,000 new apartments from 91 projects opened for sale. The Dong Anh, Hoai Duc, Hoang Mai (Hanoi) areas will contribute about 52% of the supply.
Ms. Duong Thuy Dung - CEO of CBRE Vietnam - predicts that in 2025, housing prices will not decrease but the growth rate will slow down, only about 5-8%.
According to Ms. Dung, supply has improved but primary prices continue to increase, making it difficult to meet people's needs. Meanwhile, most of the new supply is being completed at a high standard (in the mid-high-end segment) with large investment costs.
