However, according to CBRE, compared to the previous quarter, this price is only 3% higher, the lowest quarterly price increase since the second quarter of 2023.
Notably, in the Hanoi real estate market focus report just released by CBRE Vietnam, the Hanoi apartment market in the first quarter of 2025 recorded a new supply of nearly 3,920 units from 7 projects, relatively modest compared to the average opening price of 8,0009,000 units per quarter of the previous 3 consecutive quarters, but increased by nearly 70% compared to the same period last year.
This is the largest supply of apartments opened for sale in the first quarter of the year recorded in Hanoi in the past 4 years, since 2022. New supply in the quarter was mainly concentrated in development projects in suburban districts such as Gia Lam, Dong Anh, Thanh Tri and Thach That (Hanoi).
Regarding selling prices, after a period of hot growth since the beginning of 2024, the strong increase in apartment prices in Hanoi has somewhat slowed down in the first quarter of 2025.
In the secondary market, the increase in selling prices in this quarter also continued to slow down. At the end of the first quarter of 2025, the average secondary selling price of Hanoi apartment projects reached approximately VND50 million/m2 (excluding VAT and maintenance fees).
Compared to the same period in 2024, this price has increased by nearly 20%, however, the quarterly increase has slowed down, recorded at 3% quarter-on-quarter, the lowest quarterly increase since the third quarter of 2023.
Projects with prime locations near existing residential areas and good rental potential, especially in the areas of Nam Tu Liem, Hai Ba Trung, Long Bien and Gia Lam (Hanoi) recorded a slight increase of 2-3% quarter-on-quarter. Meanwhile, the selling prices of the remaining projects did not fluctuate much compared to the previous quarter.
CBRE Vietnam forecasts that in 2025, the Hanoi residential real estate market will welcome about 31,700 apartments, with primary prices expected to increase slightly by 8% by the end of 2025.
Mr. Nguyen Van Dinh - Chairman of the Vietnam Real Estate Brokers Association (Vars) - commented that the average selling price of apartments has been continuously increasing, setting a new level in recent times, causing apartment rental prices to also tend to escalate, with an average increase of 10-20%, causing great pressure on tenants.
According to experts, the continuous increase in rental prices makes it difficult for many people with average and low incomes when the cost of renting a house accounts for 35-50% of their income.
The Vietnam Association of Realtors (Vars) analyzed that in central districts of Hanoi, there is currently a shortage of apartments with rental prices under 10 million VND/month, while the common rental price of 1-bedroom apartments is from 10-15 million VND/month, 2 bedrooms is from 15-20 million VND/month.
