In just the past few years, house prices, especially apartment prices in Hanoi, have increased many times. Despite the continuous increase in selling prices, newly launched apartment projects have recorded good absorption rates.
Some newly launched projects of major investors also recorded a "record" number of bookings.
Although supply has been gradually improving, housing prices continue to be high in both primary and secondary markets and show no signs of stopping.
In Hanoi, the average selling price of primary apartments in the whole market has increased from VND40 million/m2 in early 2022 to about VND70 million/m2 by the end of 2024. With newly opened projects, the average price has reached VND72 million/m2, excluding VAT and maintenance fees.
Statistics show that the supply of newly opened apartments for the whole year of 2024 is estimated to reach about 35,000 units, higher than the previous forecast of about 22,000 to 24,000 units.
By 2025, this number is forecast to increase to 40,000 apartments for both major markets, Hanoi and Ho Chi Minh City.
It is worth mentioning that in Hanoi, a series of social housing projects have been licensed for construction and are expected to start construction this year, which is one of the conditions to cool down the fever of real estate and apartment prices.
Accordingly, the Hanoi People's Committee has just issued a decision approving the update of the list of housing and urban area construction investment projects in the city's Housing Development Plan for the 2021-2025 period.
Of the 72 newly approved projects, there are 8 social housing projects with a total floor area of over 255,700m2 (over 1,580 apartments). Of which, there are 5 projects in Thuong Tin district, Long Bien district (2 projects) and Hoang Mai district (1 project).
One example is the social housing project in lane 218 Linh Nam (Hoang Mai district), with a total investment of 823 billion VND, expected to have 500 apartments.
The project to invest in building social housing for sale to officials, civil servants, and employees of the Office of the President, at the land plot coded A.4/HH4 in the N10 Urban Subdivision Planning (Ngoc Thuy Ward, Long Bien District), with 452 apartments, is expected to be implemented in 2028.
Social housing construction investment project in planning block A4/HH5 in Ngoc Thuy and Thuong Thanh wards (Long Bien district) with a total investment of 812 billion VND. The project includes 450 apartments, expected to be completed in 2030.
In addition, Hanoi also adjusted information on 7 previously approved social housing projects. Including the social housing investment project at plots CT6B, CT7, CT8 of the new urban area Tay Nam Kim Giang 1 (Hoang Mai district), expected to be implemented in 2027.
Previously, in early December 2024, the social housing project at plot NO1, Ha Dinh urban area (commercial name Udic Eco Tower) also started construction after a long period of preparing procedures.
Also in December last year, a social housing project with four nine-storey buildings, providing about 466 apartments in Uy No commune, Dong Anh district, was started...
Sharing with reporters, Dr. Tran Xuan Luong - Lecturer specializing in real estate, National Economics University - acknowledged that 2024 is the year that the Hanoi apartment segment witnessed a very rapid price increase. Apartment prices increased in both the primary and secondary markets, even old projects were no exception.
According to experts, to cool down housing prices, it is necessary to solve the problem of the gap between supply and demand in the market, especially in the affordable housing segment.
