According to CBRE market research data, over the past 10 years, Hanoi apartment prices have recorded an average increase of about 10% per year. Previously, during the long period from 2009 - 2010 to 2019 - 2020, Hanoi apartment prices fluctuated very little, secondary prices only increased by about 2% per year, and even had periods of stagnation.
However, from 2022 to present, Hanoi apartment prices have increased sharply in 2 periods: Late 2021 to the third quarter of 2022 and from the fourth quarter of 2023 to present.
According to a survey by Lao Dong reporters, many apartment projects in Hanoi have prices ranging from 60-100 million VND/m2. Surveying the Viha Complex project (Thanh Xuan, Hanoi), apartments here are being offered for sale at prices ranging from 75-97.2 million VND/m2. For example, an apartment with an area of 93.4m2 including 3 bedrooms, 3 bathrooms in this project is being offered for sale at 7.7 billion VND, equivalent to 82.44 million VND/m2.
At the Masteri West Heights project (Tay Mo, Nam Tu Liem), apartments are being offered for sale at 62.6-87.8 million VND/m2. The selling price of apartments in this project has increased by 28.5% over the past year. A 75m2 apartment with 3 bedrooms and 2 bathrooms in this project is being offered for sale by the owner at 5.5 billion VND, equivalent to 73.33 million VND/m2.
The Green Diamond 93 Lang Ha project (Lang Ha, Dong Da) is being offered for sale at 90.5-125.7 million VND/m2. The selling price of apartments in this project has increased by 30.9% over the past year.
According to Ms. Nguyen Hoai An - Senior Director of CBRE Hanoi branch, Hanoi apartment prices have recorded very strong growth and have increased continuously since the fourth quarter of 2023, including both primary and secondary markets.
"Personally, I work in the market and have experienced several real estate cycles. This is a rare time and almost the first time that the apartment market in Hanoi has recorded such a rapid price increase in such a relatively short time," said Ms. Nguyen Hoai An.
Explaining the reason for the "sudden" increase in apartment prices in Hanoi in the recent past, the expert said that the Hanoi real estate market has been gathering many factors at the same time.
According to Ms. An, firstly, the real estate usage habits of Hanoi people have changed, meaning that Hanoi people are gradually getting used to and adapting to living in apartments.
Second, the Hanoi apartment market possesses a diversity of types, invested and developed by reputable domestic and foreign investors.
Third, infrastructure in Hanoi is being invested in synchronously, making it easy and convenient to connect with many areas. This opens up many investment opportunities as well as meets the real needs of new urban areas.
Fourth, policy factors related to finance and credit are contributing to creating favorable conditions for the real estate market in Hanoi. Especially for the apartment segment, investors and buyers can easily access bank loans. Thus, thanks to these policies, the market has more transactions, creating attractive liquidity.
Fifth, the increase in construction material costs also leads to an increase in apartment prices.
