The newly published Hanoi real estate market research report for the fourth quarter of 2024 by One Mount Center for Market Research and Customer Insights shows that transactions in Hanoi in 2024 will reach more than 119,000 units, the primary apartment market will continue to increase strongly, while transferred apartments and residential land will cool down at the end of the year.
In 2024, apartments will lead the real estate transaction volume in Hanoi, with 67,000 units, accounting for 57% of the market. This is followed by residential land (35%) and low-rise (6%).
Primary and secondary apartment transactions account for about 28-29% of total transactions in the whole market. In the fourth quarter of 2024, primary high-rise transactions increased by 24% compared to the previous quarter, reaching 11,000 transactions, 26% more than secondary (8,700 transactions).
Residential land recorded approximately 41,800 transactions, accounting for 35% of the market. After strong growth in Q2/2024, transaction volume in Q3 and Q4/2024 stabilized at 10,000 transactions per quarter. Low-rise consumption reached approximately 7,600 units in 2024, thanks to transactions mainly at Vinhomes Global Gate and Vinhomes Ocean Park 2-3.
Nam Tu Liem District leads in transaction volume in Hanoi with about 26,000 transactions in 2024 thanks to the excitement of both the new and transfer apartment markets in Vinhomes Smart City Urban Area.
Gia Lam district in 2024 reached more than 22,000 transactions, ranking 2nd in the whole market, thanks to its large apartment supply, as well as well-planned infrastructure.
Ha Dong and Long Bien districts will reach 15,000 and 11,000 transactions in 2024, mainly from residential transactions, followed by Hoang Mai district with nearly 7,000 units, of which residential and high-rise units account for 52% and 42%.
In the fourth quarter of 2024, the primary selling price of the whole market continued to increase to 76.7 million VND/m2. Some factors affecting apartment prices include the lack of legal land for developing inner-city housing or not meeting the criteria for development. Land tax costs according to the new price list, construction costs, product design...
In the fourth quarter of 2024, the consumption volume in the East of Hanoi and Van Giang (Hung Yen) reached nearly 5,500 units, thanks to the continuous launch of many new projects at Vinhomes Ocean Park 1. These projects attract buyers thanks to their well-planned planning, full range of high-class living amenities and unit prices (nearly 68.9 million VND/m2) significantly lower than the average of the whole market (nearly 76.7 million VND/m2).
The North area had an impressive absorption rate in the fourth quarter, reaching nearly 3,200 units thanks to two luxury high-rise projects launched at Vinhomes Global Gate.
One Mount Market Research and Customer Insight Center forecasts that in 2025, the market will continue to maintain a stable growth momentum with about 30,000 new apartments opening in 2025, higher than the period 2020-2023 with the main driving force coming from the East of Hanoi and Van Giang (Hung Yen).
Primary consumption for the whole year of 2025 is expected to reach about 26,500 units, continuing the growth momentum of 2024 and higher than the period 2020-2023.
Primary prices are forecast to continue to increase, but the rate of increase will slow down in 2025. Investors plan to implement many flexible pricing policies, creating conditions for many people to be able to own a house.
