The real estate market is witnessing unpredictable fluctuations, especially in the apartment segment. As supply improves, expectations of price reduction have not materialized, instead, selling prices continue to climb, reaching record highs. This development has not only surprised experts but also created many mixed impacts on the market and people.
According to records, in early 2024, the apartment market started with an average price of about 65 million VND/m2. However, after only two quarters, the price exceeded 68 million VND/m2 and continued to climb in the last months of the year. New projects launched this year focused on the high-end segment in areas such as Nam Tu Liem, Cau Giay and Gia Lam, Dong Anh with prices regularly exceeding 70 million VND/m2.
Commenting on the apartment segment, Mr. Vo Huynh Tuan Kiet - Director of CBRE Vietnam's housing marketing department - said that more than 80% of the apartment supply in Hanoi belongs to the high-end housing segment. In the fourth quarter of 2024, the primary selling price of apartments in Hanoi continued to increase sharply, reaching an average of VND 72 million/m2 (excluding VAT and maintenance fees). This is the highest price ever recorded in the capital's real estate market, up 36% over the same period last year and 12% over the third quarter of 2024.
Not only in the primary market, the secondary market also recorded excitement, when many investors took advantage of the price increase to sell, further pushing the market heat up.
In Hanoi, the increase in secondary selling prices maintained a steady increase compared to the beginning of the year, increasing by 5% quarter-on-quarter. Compared to the same period last year, the secondary selling price of apartments in Hanoi increased by more than 26% year-on-year. CBRE experts informed that this price increase is considered the highest in recorded history to date.
According to a survey by Lao Dong Newspaper reporters, the common selling price of secondary apartments at the Goldmark City project (Bac Tu Liem district, Hanoi) in early 2025 was around VND 58.2 million/m2, an increase of 52.4% over the same period in 2024. Apartments at The Legacy project (Thanh Xuan district) recorded an average price of VND 72.8 million/m2, an increase of 49.7%.
The Imperial Plaza project (Thanh Xuan district) has a selling price ranging from 54.3 million VND/m2 to 63.1 million VND/m2. The common price is about 58.9 million VND/m2, an increase of 33.8% compared to the beginning of last year.
In the suburban area, secondary apartments at Vinhomes Grand Park (Long Bien district) recorded an average price of VND51.3 million/m2, an increase of 45.2%. Meanwhile, apartments at An Binh City project (Bac Tu Liem district) have common prices ranging from VND67.8 million/m2 to VND82.1 million/m2, significantly higher than in early 2024.
It can be seen that apartment prices are climbing despite the fact that supply is no longer scarce. According to Mr. Vo Huynh Tuan Kiet, the number of newly opened apartments in Hanoi in 2024 increased three times compared to the previous year, exceeding 30,900 units. This is also the highest annual supply since 2020. It is forecasted that in 2025, the apartment supply in Hanoi will reach 31,200 units, then increase to 32,000 units in 2026, with prices expected to increase by 6% this year.
New records in apartment prices have had mixed effects. Investors have benefited greatly from high profits and a vibrant secondary market, but residents have struggled as rising prices have become a barrier to housing access, especially for young families and middle-income earners.
High prices also put pressure on credit flows, increasing the risk of bad debt and affecting market liquidity. Although the supply of new apartments has increased sharply, the imbalance in prices and segments remains a major challenge to ensure sustainable market development.
