In fact, the projects launched in Hanoi and Ho Chi Minh City recently have established new price levels. Accordingly, in Hanoi, the average price of apartments in the Lumi Hanoi project is 79 million VND/m2, Lumiere Evergreen is 90 million VND/m2, Imperia Solar Park is 65 million VND/m2, QMS Tower is 80 million VND/m2.
In Ho Chi Minh City, the average price of Eaton Park apartments is 130 million VND/m2, Fiato Uptown is 50 million VND/m2, Khai Hoan Prime is 52 million VND/m2, The Opus One (Vinhomes Grand Park) is 82 million VND/m2.
Mr. Nguyen Quoc Anh - Deputy General Director of PropertyGuru Vietnam - said that there is a paradox that apartment prices are increasing due to scarce supply. However, in recent times, although supply has improved, prices continue to increase. The reason is that new supply has improved but the asking price is high and this price is still absorbed by the market.
Recently, in a draft sent to the Office of the Government to serve the Prime Minister's working session with a number of corporations and groups in the real estate and housing sector, the Ministry of Construction said that apartment prices in large urban areas tend to increase every year.
In the past 2 years, the apartment market in Hanoi has increased rapidly and strongly. The price gap between apartments in Hanoi and Ho Chi Minh City is narrowing (in 2019, the primary price gap between the two markets was 30%; in 2024, the price gap between the two markets fluctuated only 5-7%).
According to the Ministry of Construction, by the end of the second quarter of 2024, after establishing a relatively high price level, the volume of apartment transactions showed signs of slowing down.
The Ministry of Construction said that compared to the end of 2023, the average increase in house prices in the first 6 months of this year was about 12.5%. In the apartment segment alone, the number of apartment transactions increased by about 10.3%. However, the transactions mainly came from speculators, buying and waiting to push up prices.
Also according to the Ministry of Construction, in the second quarter of 2024, in Hanoi, the selling prices of some apartment projects increased, of which the price of apartments in Royal City urban area increased by 33%, The Pride 33%, My Dinh Song Da - Sudico increased by 32%.
In particular, in May 2024, the price of apartments in Hanoi at some projects increased dramatically, such as: Udic Westlake project increased by 39.9% to 56.7 million VND/m2; D'. El Dorado increased by 35.6% to 85.3 million VND/m2; HDI Tower increased by 46.6% to 160.1 million VND/m2; Feliz Homes - Hoang Mai increased by 39.8% to 53.9 million VND/m2. HH3 Linh Dam - Hoang Mai apartment increased by 34.6% to 34.8 million VND/m2, Vien 103 - Thanh Tri apartment increased by 51.7% to 41.6 million VND/m2.
Even in some old urban areas such as Trung Hoa - Nhan Chinh, apartment prices increased by 25%, and the resettlement apartment area in Nam Trung Yen increased by 20%.
In addition to speculation and price hikes, the Ministry of Construction said that the local increase in apartment prices in Hanoi is also due to the continued limited supply of new projects and the small number of new projects opening for sale. In particular, the scarcity of mid-range and affordable housing supply in recent times has pushed apartment prices up sharply.
