Hanoi real estate market is recording many positive signals with the heat of the apartment, land and private house segments. In particular, apartment prices are continuously increasing, transaction volume and interest are increasing sharply in both primary and secondary markets.
The affordable apartment segment is completely absent from the market, while mid-range apartments are increasingly scarce. Newly launched apartment projects all have starting prices of VND60 million/m2 or more, making it more difficult for middle-income customers to access housing.
According to a survey by Lao Dong Newspaper reporters, some projects in suburban districts of Hanoi exceed 100 million VND/m2, many projects approach 100 million VND/m2. Typically, Masteri Grand Avenue (Masteri Co Loa, Dong Anh district) has an average price of up to 90 - 120 million VND/m2 - the highest price in suburban districts of Hanoi to date, even higher than many luxury apartment projects in the inner city of Hanoi.
MIK Group is also introducing Imperia Co Loa apartment (Dong Anh) to the market with prices ranging from 90 - 110 million VND/m2. In other areas such as Ha Dong, Gia Lam, some projects have selling prices approaching 100 million VND/m2 such as QMS Top Tower at the intersection of To Huu and Vu Trong Khanh, which is the border between Nam Tu Liem and Ha Dong districts, with an average selling price of 70 - 85 million VND/m2 for normal apartments; 95 - 98 million VND/m2 for corner apartments in beautiful locations.
Experts say that the increase in apartment prices in Hanoi has slowed down, but it will be difficult to reduce selling prices in 2025 due to scarce supply and increasing input land costs.
Commenting on the rising trend of apartment prices in Hanoi, Associate Professor, Dr. Dinh Trong Thinh - an economic expert - said that 2024 is the year that the Hanoi apartment segment will witness a very rapid increase in prices. Apartment prices will increase to more than 70 million VND/m2 by the end of the third quarter of 2024, the market will no longer have projects priced below 60 million VND/m2, and many mid-range projects will have prices pushed up to 100 million VND/m2.
Prices have increased sharply in both the primary and secondary markets, including old projects that have been in use for many years. During the fever period, prices have increased daily and weekly. Although prices are high, liquidity is still good and there are still buyers. However, according to Mr. Thinh, in the coming time, the increase in apartment prices will slow down, the market will tend to be more stable, and there will no longer be a fever like in the past.
Notably, Mr. Dinh Minh Tuan - Business Director of PropertyGuru Vietnam - said: "In 2024, nearly 67% of new supply in the market will be in the high-end and luxury segment in Hanoi. It is forecasted that in 2025, Hanoi will lose the primary segment with prices below VND50 million/m2".
Experts from PropertyGuru Vietnam said that the price level of apartments in the coming time is very difficult to decrease. However, the market next year will be stable and stay at a high level, not as hot as it is now.
