According to the Hanoi Real Estate Market Overview Report 2024, 2025 prospects of Savills Vietnam, in the fourth quarter of 2024, the supply of new villas and townhouses reached 4,655 apartments from 11 projects. Vinhomes Global Gate accounts for 89% of new supply, including 296 villas, 2,832 townhouses and 1,019 commercial townhouses.
The primary supply reached 5,002 units from 18 projects, increasing 7 times quarterly and annually. Townhouses account for 63% of primary supply, followed by commercial townhouses with 25% and villas with 12%.
The number of transactions in the fourth quarter of 2024 increased sharply, reaching 3,317 transactions, 10 times higher than quarterly and 52 times per year. The quarterly absorption rate increased by 18 percentage points quarter-on-quarter, reaching 66%. The growth was largely contributed by Vinhomes Global Gate, which has sold 67% of newly opened supply, and accounted for 84% of transactions in the quarter in Hanoi.
Projects in suburban areas such as Dong Anh, Me Linh, Thuong Tin and Long Bien have a large demand. Dong Anh leads with 84% of primary transactions equivalent to 2,799 apartments. Followed by Me Linh and Thuong Tin, each area accounts for 4% of the transaction volume, equivalent to about 140 apartments sold.
Primary supply comes from high-end, high-quality projects such as Vinhomes Global Gate, GIA22 by Kita and Him Lam Diamond Palace, causing the overall primary price of the market to increase sharply. The average primary price of villas increased to 327 million VND/m2 of land. The primary townhouse price is 279 million VND/m2 of land. The price of primary commercial townhouses is 316 million VND/m2 of land.
Secondary prices also increased. Accordingly, the secondary price of villas increased by 5% quarter-on-quarter to VND178 million/m2 of land. Townhouse prices increased 6% quarter-on-quarter to VND198 million/m2 of land and commercial townhouses increased 4% quarter-on-quarter to VND245 million/m2 of land. However, the gap between primary and secondary prices has widened significantly. Secondary villa prices are 46% cheaper than primary prices, while secondary townhouses are 29% cheaper. Secondary commercial townhouse prices are 23% lower than primary prices.
Mr. Matthew Powell - Director, Savills Hanoi - commented: "The market has recovered in 2024, thanks to new projects and high-end projects. In the future, large-scale housing projects are expected to further boost market performance".
Ms. Do Thu Hang - Senior Director, Research and Consulting Department of Savills Hanoi said that in 2025, 15 projects will provide a total of 2,819 apartments. The most prominent is the Vinhomes Wonder Park project in Dan Phuong, which is expected to open for sale this year. The new large project with a scale of 133 hectares and more than 2,000 apartments will significantly improve the supply of low-rise housing and further strengthen Vingroup's leading position in Hanoi. From 2026 onwards, the supply is expected to be 18,827 more units.
