On the morning of February 13, at the event of Hanoi Real Estate Market Overview Report 2024, Prospects 2025, Ms. Do Thu Hang - Senior Director, Research and Consulting Department, Savills Hanoi said that in the apartment market, the new supply in the fourth quarter of 2024 reached 12,972 units, a sharp increase of 146% quarter-on-quarter and 351% year-on-year. The primary supply reached 16,629 units, an increase of 58% quarter-on-quarter and 40% year-on-year.
In 2024, the total new supply will reach 24,996 units, the highest in the past 5 years. The Class B apartment segment dominates with a market share of 97%, with the contribution of component projects in Vinhomes Ocean Park and Vinhomes Smart City totaling 89% of the new supply.
Sales in Q4/2024 were buoyant with 13,401 units sold, up 96% QoQ and 340% YoY. New supply accounted for 83% of units sold and achieved an absorption rate of 85% thanks to clear legal status and reputable developers.
Primary offering price reached VND75 million/m2, up 9% quarter-on-quarter and 29% year-on-year.
In 2024, apartments priced above VND4 billion accounted for 59% of the total number of units sold, a significant increase from 2% in 2020. Apartments priced between VND2 billion and VND4 billion accounted for 40%, while only 1% of apartments were priced below VND2 billion.
The secondary market recorded strong growth, especially projects near metro stations No. 2A and 3, where secondary prices increased by 24% quarter-on-quarter, 4 percentage points higher than the market average.
Since 2020, average secondary selling prices have increased by 22% per year, with Grade C recording the highest increase of 26% per year, followed by Grade B at 20% and Grade A at 19%.
Housing demand is largely driven by domestic buyers, with long-term demand supported by positive net immigration and urbanization.
According to the Hanoi Capital Planning, by 2030, the permanent population will be about 11 million people, an increase of 9 million people compared to the current level, in addition to the temporary population of 1.5 million people. The urbanization rate will reach 70% by 2030, an increase of 49% from the current level.
Ms. Do Thu Hang forecasts that in 2025, the new supply is expected to include 25,200 apartments. Class B continues to lead, accounting for 88% of future supply, while mega-urban projects will account for 70% of the market share.
From 2026 onwards, about 70,000 apartments from 91 projects will be launched for sale. Dong Anh, Hoai Duc and Hoang Mai are expected to contribute 52% of the market share.
