On April 16, Savills Vietnam held an event to announce the Real Estate Market Report for the first quarter of 2025.
Do Thu Hang - Senior Director of Savills Hanoi Research and Consulting Department said that new supply in the first quarter of 2025 decreased by 39% quarter-on-quarter but increased by 95% year-on-year to 7,940 units. Primary supply reached 11,168 units, down 33% quarter-on-quarter and 14% year-on-year.
The number of apartments sold reached 7,914, down 41% quarter-on-quarter but up 49% year-on-year. Class B accounts for 99% of the number of apartments sold. The new supply has an absorption rate of 84%.
Notably, the average primary apartment selling price reached VND79 million/m2, up 5% quarter-on-quarter and 32% year-on-year.
In the first quarter of 2025, Vinhomes Ocean Park, Vinhomes Smart City and Vinhomes Global Gate accounted for 89% of new supply and 90% of the number of apartments sold, reflecting the maintenance of demand for large urban projects. These projects possess outstanding amenities to compensate for their remote locations including shopping malls, sports facilities, schools and hospitals.
Apartments priced over VND4 billion account for 50% of the total number of units sold, a significant increase from 6% in 2021. Apartments priced from 2 billion to 4 billion VND account for 50%. No apartments are priced under 2 billion VND. Ms. Do Thu Hang said that the rich effect is clearly demonstrated when home buyers are willing or able to invest in real estate products with higher value.
Over the past 5 years, the average primary selling price has increased by 22% per year. Dong Anh recorded the highest price increase, reaching 42% per year, launched by Vinhomes Global Gate project. Tay Ho leads the primary price with 185 million VND/m2 and ranks second in terms of growth rate of 40%/year.
The average secondary selling price reached VND60 million/m2, down 1% quarter-on-quarter but up 41% year-on-year. The highest difference between primary and secondary prices is in class A projects (52%), followed by class B (21%).
In 2025, the new supply is expected to include 7,400 apartments, of which class B continues to lead, accounting for 67%. From 2026 onwards, about 80,900 apartments from 99 projects will be opened for sale, with Hoai Duc, Dong Anh and Hoang Mai contributing 52% of the market share.
"While Hanoi is facing a shortage of affordable apartments, the rise of satellite cities brings necessary solutions by expanding housing options," Ms. Hang commented.
