According to data from the OneHousing Center for Market Research and Customer Insight, the entire Hanoi market had about 83,000 residential real estate transactions in the first 9 months of 2024. Primary transactions, including high-rise and low-rise, accounted for 27%; while the remaining 73% were secondary transactions, including residential land, apartment transfers and low-rise houses.
Notably, in the newly opened apartment market, although the average price at the end of the third quarter of 2024 reached nearly VND 80.5 million/m2 (including VAT and maintenance fees), an increase of 7.6% compared to the previous quarter. The average price of transferred apartments reached nearly VND 55 million/m2 (including all service fees and taxes as prescribed by law), an increase of 4% compared to the previous quarter.
However, the transaction volume still increased sharply in both the primary and secondary markets, of which, primary apartment transactions in the first 9 months of 2024 reached 21,100 units, an increase of 205% over the same period in 2023, while high-rise transfer transactions were about 25,200 units and 30% of transactions were concentrated in two metropolitan areas in the city.
The representative of this unit said that the supply for the whole year of 2024 is estimated to reach nearly 30,000 units, almost equivalent to the figure in 2019 - the period before COVID-19 and higher than the period 2020 - 2023; especially higher than the previous forecast (22,000 - 24,000 units). However, high-end and luxury apartments continue to account for the majority of supply in late 2024 and 2025.
Recently, in the report announcing information on housing and real estate market in the third quarter of 2024, the Ministry of Construction said that in the quarter, in some major provinces and cities such as Hanoi and Ho Chi Minh City, apartment prices continued to increase in both new and old projects. This has caused the price level of new projects to increase by about (4% to 6%) quarterly and (22% to 25%) annually.
The reason for the recent price increase is largely due to the impact of a number of factors such as the increase in land-related costs, especially in some localities; affordable housing products are not in sufficient supply to meet market demand. Accordingly, the selling price of apartments has increased, especially in some areas, increasing locally by about 35-40% depending on the location compared to the previous quarter.
In the market segment of affordable apartments (with selling price under 25 million VND/m2), there are almost no transactions and products for sale; mid-range apartments (with price around 25 - 50 million VND/m2) still account for a high proportion of transactions and supply in the market, the remaining order is luxury and super luxury apartments (with price > 50 million VND/m2).
Despite the skyrocketing apartment prices, the transaction volume of this segment is still quite impressive. Accordingly, the total transaction volume of apartments and individual houses in the third quarter of 2024 still reached 38,398 successful transactions. This figure increased by 48.3% compared to the second quarter of 2024 and increased by 29% compared to the same period in 2023.
