VARS research data shows that in 2025, the entire market recorded about 128 thousand new products for sale, the highest level in the 2019-2025 period and approaching the "peak" of supply. However, the market has not yet been completely "quenched". Because the supply structure continues to be unbalanced when there is a serious shortage of affordable housing products, most of the new supply comes from high-end apartment projects and low-rise products with high value.
Notably, about 25% of the apartment supply is priced above 100 million VND/m2, mainly concentrated in some large investors. In that context, although the supply is increasing rapidly, real estate prices are still continuously setting a new level.
According to Cushman & Wakefield's Hanoi Housing Market Report, in 2025, the Hanoi apartment market recorded about 24,500 units for sale, down 14% compared to 2024 but still 2.9 times higher than the same period in 2023. In the fourth quarter of 2025 alone, new supply increased by 34% compared to the previous quarter, but still 32% lower than the same period last year, showing an adjustment in the delivery rate.
Supply is mainly concentrated in areas outside the city center - where traffic infrastructure connecting with the inner city is increasingly complete, the development land fund is still abundant and the selling price is more reasonable than in the core urban area. In the fourth quarter of 2025, the average primary selling price in Hanoi reached about 3,852 USD/m2 (about more than 102 million VND/m2), down 10% compared to the third quarter of 2025 but still up sharply 32% compared to the same period in 2024. According to forecasts, in the period 2026-2028, the market may receive more than 68,000 new apartments, continuing to maintain the trend of supply shifting to satellite areas.
In Q4/2025, Ho Chi Minh City recorded 3,358 new apartments offered for sale, a sharp increase of about 5 times compared to the previous quarter, however, only a slight increase of 4% compared to the same period in 2024 - the market is recovering, and is selective. The average primary selling price in Q4/2025 reached about 6,113 USD/m2 (equivalent to more than 161 million VND/m2), a sharp increase of about 16% compared to Q3/2025 and an increase of about 65% compared to the same period in 2024, because new projects always have a higher positioning than old projects.
It is forecasted that the primary average selling price trend in the Ho Chi Minh City market is expected to continue to anchor at a high price level due to increased input cost pressure, and credit interest rates for real estate purchases are adjusting upwards. Cash flow from other regions, especially investors from the North, is pouring into Ho Chi Minh City with the expectation of increasing room after a long period of silence due to a shortage of new supply.
According to data from the One Mount Group Market Research & Customer Understanding Center, the average selling price in the two markets is witnessing notable contrasting developments in 2025, reflecting the diversity in supply and investment expectations.
Mr. Tran Minh Tien - Director of One Mount Group Market Research & Customer Understanding Center - said that the apartment market in Hanoi and Ho Chi Minh City is entering a period of transformation with a clear differentiation in growth momentum.
After a strong breakthrough in the 2024-2025 period, the Hanoi market is forecast to maintain its growth momentum but with a stable pace and a price level more suitable for the majority. Meanwhile, Ho Chi Minh City is facing a new wave of growth as legal bottlenecks are gradually being cleared. In particular, the implementation of key projects in Thu Thiem area in 2026 will play the role of a'leader' in establishing new price milestones, completely repositioning the value level for the central area" - Mr. Tien shared.
