Ms. Tran Thi Thu Hoai (residing in lane 144 Quan Nhan street, Thanh Xuan district) said that during Tet holiday, she took the opportunity to find out information about some projects in Hanoi to buy a house after Tet.
According to Ms. Hoai, she has about 3 billion VND and is looking for a 2-bedroom apartment priced under 4 billion VND.
“If I can find an apartment for around 3.8 billion VND, that would be great. I will borrow the remaining amount from the bank to pay it off gradually,” said Ms. Hoai.
However, through searching for apartments under 4 billion VND, they are mainly houses in alleys far from the center or old apartments in the suburbs. "New projects with finance of 4 billion VND are almost rare and very difficult to choose" - Ms. Hoai added.
Mr. Nguyen Van Tam (37 years old, working on Dinh Cong street, Hoang Mai district) said that although he wants to buy his own house, he has not yet found a house that fits his current financial situation.
According to Mr. Tam, he was also quite surprised when the 35m2, 3-storey house, advertised for sale at 3.5 billion VND at the end of 2024, has now increased by 300-400 million VND.
Mr. Tam admitted that finding a house in the central area for 4 billion VND at this time is not easy.
Mr. Nguyen Trong Dung - Director of Gia Bao Real Estate Floor - said that during Tet, about 70-80% of customers contacted his floor to look for housing products priced from 3-4 billion VND for the purpose of buying to live.
The remaining customers are looking for higher priced products. However, currently, the market in Hanoi is lacking affordable apartments. Even apartments priced under 50 million VND/m2 are very rare, only available in old apartment projects.
This person assessed that the apartments being offered on the market are mainly in the mid-high-end segment, priced from 60 million VND/m2 or more. Thus, each 2-bedroom apartment with an area of 55-64m2 after receiving discount and promotion policies will also cost from 3.3 - 3.8 billion VND or more, depending on the project.
Assessing the real estate market in 2024, the Ministry of Construction said that real estate prices in the market continue to increase, but the rate of price increase for each type at each time, each location, each area in each locality is different. In particular, Hanoi leads in price increase rate.
Accordingly, the price increase for the low-end segment, previously under 30 million VND/m2, has now increased to under 45 million VND/m2.
The mid-range segment, previously priced at 30-45 million VND/m2, has now increased to around 45-70 million VND/m2.
The high-end segment, previously priced at 50-70 million VND/m2, has now increased to 70-100 million VND/m2.
According to Mr. Nguyen Van Dinh - Chairman of the Vietnam Real Estate Brokers Association, the reason for the high price of apartments is the increasing demand of the people.
Meanwhile, new supply to the market is mostly in the high-end segment and there is a lack of affordable housing. Input costs such as construction materials, capital, labor, etc. are increasing, making it difficult for housing prices to decrease in the short term.
Mr. Dinh said that the large gap between supply and demand, especially in the mid-range and low-end segments, will continue to push real estate prices in central areas of Hanoi and Ho Chi Minh City up by about 7-10% this year.
