Sharing on the forum for buying and selling apartments in Hanoi, Mr. Tran Van Sinh (35 years old, living in Dong Da district, Hanoi) confided that last week he went to see some old apartments for sale in Thanh Xuan district but there was no place to park because the basement area was overloaded.
According to Mr. Sinh, many old apartments, although having pink books, have deteriorated after decades of use, and are being sold at expensive prices of about 4-5 billion VND/apartment, equivalent to 60-110 million VND/m2, an increase of 10-30 million VND/m2 compared to the beginning of 2024.
Similarly, Mr. Tran Hoang (a real estate broker in Hanoi) acknowledged that the lack of new projects on the market has made the old apartment segment in Hanoi sought after by many people. In fact, some old apartments in Hanoi are currently being sold by their owners for 4-5 billion VND/unit, making many people feel dizzy.
According to Mr. Tran Hoang, the price of old apartments in Hanoi is currently equal to, or even more expensive than, new apartment projects on the market. It is very difficult to find an old apartment at this time, buyers will have to consider many criteria such as price, amenities, quality of construction, fire prevention, etc.
According to the OneHousing Center for Market Research and Customer Insights, the housing supply in the Hanoi market in 2024 is expected to reach 22,000 units, higher than the 2020-2023 period but only about 69% of 2019 - the period before the COVID-19 pandemic.
In particular, the high-end segment (price range from 50 - 80 million VND/m2, excluding 10% VAT and 2% maintenance fee) will continue to increase market share and account for the majority - about 70% in the last 6 months of 2024 and about 68% in 2025.
In particular, in 2025, the market will see more luxury segment projects (from 80 - 230 million VND/m2) in the West and North, while the mid-range segment (30-50 million VND/m2) is expected to account for only about 5% of the total supply in the Hanoi market.
Referring to this content, Mr. Le Dinh Chung - General Director of SGO Homes - also predicted that from now until 2025, Hanoi apartment prices will not decrease, continue to increase but not as dramatically as in early 2024. From the end of 2025, apartment prices in the capital may remain stable.
Experts say that this is still a popular segment, serving the needs of housing, asset accumulation, and rental. The apartment segment tends to increase, people with less than 5 billion VND currently find it almost difficult to buy a new apartment.
