According to data recently released by Batdongsan.com.vn, many newly launched projects in Hanoi and Ho Chi Minh City have quite high prices. In Hanoi, the average price ranges from 45 million VND/m2 to 90 million VND/m2. In Ho Chi Minh City, the average price ranges from 45 million VND/m2 to 130 million VND/m2.
According to data from the OneHousing Market Research and Customer Insight Center, as of the second quarter of 2024, the average apartment price level in the entire Hanoi market will reach about 65 million VND/m2.
Accordingly, the apartment price in the West is approximately 70 million VND/m2, the price level in the East reaches 56 million VND/m2. The fact that mid-range projects are gradually being replaced by high-end and luxury projects has caused the average price level of apartments to increase the most from 2021 to present.
Mr. Tran Quang Trung - Business Development Director of OneHousing commented that it is difficult to wait for apartment products to decrease in price when input costs such as land costs, design, landscape construction, utilities, etc. are all increasing.
"Waiting for apartment prices to decrease, especially after the law changes, I think it is very difficult in the current context. In the future, in 2026 - 2027, if the supply can improve, but if you want to buy a cheap apartment, you will have to go far away, for example Thanh Tri, Phu Xuyen... In the immediate future, in 2024, 2025, 2026, I have not seen any factors that can cause apartment real estate prices to decrease" - Mr. Trung said.
Mr. Dinh Minh Tuan - Director of Batdongsan.com.vn in the South - said that over the past 10 years, apartment prices in Hanoi have always been about 30% lower than those in Ho Chi Minh City. However, recently, the average price of apartments in Hanoi has increased to about 50 million VND/m2, catching up with the price in Ho Chi Minh City.
When apartment prices increase rapidly and approach the prices in Ho Chi Minh City, the market will tend to adjust until the end of 2024. At the end of this period, the market will adjust again.
Commenting on the real estate market in the coming time, Mr. Nguyen Van Dinh - Vice President of the Vietnam Real Estate Association said that the market in the last months of the year will still maintain a slow pace, with weak growth, because prices have not been adjusted much, especially in the Hanoi area.
Besides, whether the market can be more vibrant or prices can be adjusted more in early 2025 depends on the resolution of policies and the application of new regulations of laws related to real estate in handling "shelved" projects.
